Fashion retailer giant Burberry Group PLC has revealed that their sales have faced a slump during the Christmas trading time. The British luxury clothing has added that its full-year guidance is making progress with them expanding the brand extra upmarket.
Burberry’s third quarter revenue is at a total of 711 million euros and it’s down by 1%. All thanks to the exchange rates from a year. Well, the store sales are drawing near 1% in growth. It’s a slowdown from the 2% growth that was started a year earlier.
The designer label has managed their operating margin at constant currency and cost savings of 100 million euros. Chief Executive Marco Gobetti has stated that he’s pleased with the progress in the quarter. He added, “We continued to build brand heat around our new creative vision and shift consumer perception of Burberry.”
The label is all set to launch their debut collection for new chief Executive, Riccardo Tisci. It’s expected to hit the stores in February. The former Givenchy designer was roped in last March to revamp the brand. Tisci’s last collection was showcased at the London Fashion Week in September 2018 and has received rave reviews.
A limited edition of a line would be launched in December by Burberry along with Vivienne Westwood. The group has reiterated that these pieces have a “strong global demand” and will attract “exceptionally high traffic” to their website.
Burberry will also be speeding up remodel its wholesale operations in the U.S This would mean that they close all non-luxury points in the country. The firm will be renovating 10 of its flagship stores by the end of this financial year.