The Burberry revival is on-track except in Europe as its stock slides 5%
Kendall Jenner sporting Burberry's new Olympia bag.Burberry is continuing with the rollout of its new store concept. Since the end of June, the company has opened its first flagship carrying the new design in Sloane Street, London. The concept “transforms how customers experience our brand and product in a uniquely British luxury setting” according to Burberry.
Seven stores across Asia have introduced the new design and three more flagships will follow over the next 12 months. By the end of June, most of Burberry’s stores had reopened with just 3% of its estate still shuttered, though 35% of shops are still operating on reduced hours. Burberry has also stepped up its social and environmental activity. In June the company announced plans to become ‘climate positive’ by 2040. To get there, the luxury house is scrutinizing its value chain in order to accelerate emissions reduction targets of 46% by 2030 and then net zero by 2040.
In its full-year outlook, Burberry said that its guidance remained unchanged, except for the wholesale business which is now expected to increase by approximately 60% in the first half due to a stronger order book. Medium-term guidance is for high single-digit top line growth and “meaningful” margin improvement.
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