LUXURY BRANDS
Turnaround lifts sales at British luxury brand Burberry
London — British luxury brand Burberry reported quarterly sales growth of 3% ahead of the first collection in September from the group’s new designer that should help energise its turnaround. Burberry CE Marco Gobbetti is part way through repositioning the label to be more upmarket and is pinning his hopes on Riccardo Tisci, the former Givenchy star who has designed costumes for Beyonce and Madonna, to help transform the British fashion house. Gobbetti has warned there will be little growth in revenue and operating profit while the plan is being implemented. Shares in Burberry traded down 3.5% to £20.27 by midmorning after the quarterly sales result met expectations. The stock has climbed 17% since the beginning of 2018, outperforming a flat FTSE 100 index. "In early trade, the bears seem to be in charge, with the stock slipping around 4% as profit-taking sets in following Burberry’s strong run in recent weeks," said Steve Clayton from Hargreaves Lansdown, whose fund owns Burberry s...
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