Paris/London — Burberry Group CEO Marco Gobbetti is seeking to enlist investor support for his turnaround plan with a £150m share buy-back. On Wednesday, the trench-coat maker reported full-year sales that trailed luxury rivals benefiting from a boom in Chinese spending. The London-based company is looking to join its peers by seeking a more exclusive image under new creative director Riccardo Tisci, who is set to show his first collection in September. The share price rose as much as 3.8% after Burberry said it saw signs that the new strategy was paying off. A $2,000 "Belt" handbag introduced in April is selling well globally, it said, boosting Gobbetti’s hopes of building the brand’s accessories business. Burberry closed 34 stores during the year, while opening 14 new ones in better sites. "Our focus is on getting the right brand positioning," chief financial officer Julie Brown said. "It’s about getting Burberry in the right locations next to top luxury players." Rivals LVMH and ...
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