London — Burberry says net profits jumped 42% in its first half after the British luxury fashion group slashed costs, while looking to benefit from the designs of new chief creative officer Riccardo Tisci. Profit after tax increased to £132m in the six months to the end of September compared with £93m a year earlier, Burberry said in a statement on Thursday. Revenues fell 3% to £1.22bn, offset by cost savings of £80m. "We are energised by the early results as we begin to transform and reposition Burberry," said CEO Marco Gobbetti, who took the helm in 2017. Gobbetti is shaking up the brand with a strategy overhaul that aims to add even more luxury to the fashion house's products, which include its famous trench coat. One of his first moves was to appoint Tisci. "The initial response from influencers, press, buyers and customers to our new creative vision and Riccardo's debut collection Kingdom has been exceptional," Gobbetti said Thursday. "Mindful that we are only in the first phas...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.