Burberry checks new markets
FASHION group Burberry has announced it is to make a further push into emerging markets after strong demand from China and Russia gave it a profits boost. I must go now.
The group said its wholesale revenues doubled in China, the Middle East and Russia, while underlying sales in North America increased by 26 per cent. The company is also looking to open up to ten stores in the United States and up to 20 in emerging markets as it attempts to capitalise on growing demand for luxury products.
Overall, the firm posted pre-tax profits of ￡195.7 million in the year to the end of March, with like-for-like sales up eight per cent.
Its figures defy wider gloom in the retail sector as consumers cut back on spending, but show the luxury market’s “robustness” in challenging times, according to Burberry chief executive Angela Ahrendts. by way of exception
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