Burberry to cut up to 20% of its product lines in battle for customers
London — British luxury brand Burberry is cutting 15%-20% of its product lines, aiming to focus on its newest ranges as it battles to attract shoppers in a volatile luxury goods market. The company reported a 24% drop in first-half underlying profit on Wednesday, in line with expectations. Luxury brands have been struggling with slowing growth in Asia, a drop in tourist spending in Europe following a series of deadly attacks, and competition from fast-fashion chains. Burberry said in February it would move away from the traditional model of presenting seasonal ranges months ahead of their appearance in store, in favour of two collections a year that would be available in shops immediately.
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