Global luxury brand, Burberry has reported a revenue growth of 18% for the six months up to 31st March 2008. The profit rise of the British fashion group is based on an underlying basis (19% reported), with consistent a double-digit growth in both the retail and wholesale channels and in all regions except Spain. The modernisation of Burberry’s core icons, their diversified product offering and consistent marketing message continued to appeal to consumers globally.
Angela Ahrendts, Chief Executive Officer commented: “Looking forward, we are thrilled with the momentum of our brand as our core luxury, retail and non-apparel strategies continue to gain traction, while our seasoned management team focuses on improving the operational aspects of our business.”
Retail sales, which accounted for over 50% of total revenue in the second half, increased by 17% on an underlying and reported basis. Non-apparel continued to outperform, driven by handbags, shoes, soft accessories and men’s accessories. Product innovation is driving strong growth in apparel in areas such as seasonless and fashion outerwear, knitwear and dresses.
In the second half, Burberry opened a net nine mainline stores including one in Belgium, one in Aspen, Colorado and their first childrenswear standalone store, located in Hong Kong. The British company also opened nearly 40 concessions (including the conversion to retail of over 20 small Spanish babywear shop-in-shops) and five outlets. There was a 12% increase in average selling space year-on-year during the second half.
The Burberry brand has a distinctive British heritage, and designs and sources apparel and accessories, selling through a network of retail, wholesale and licensing channels worldwide. At 31 March 2008, Burberry had 97 retail stores globally, with 231 concessions and 40 outlets.
Image: Burberry
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