Burberry: "securing our position in luxury fashion is key" following COVID-19 crisis
Fashion brand Burberry aims to secure its position within the ‘luxury’ fashion industry following a dip in revenue.
In its preliminary results for the last financial year, the brand saw a revenue decrease of 3 per cent for the year, with a 27 per cent drop in sales in Q4 coinciding with the COVID-19 outbreak and closure of the majority of its stores.
The London-headquartered firm has however seen a rise in year-to-date sales in Mainland China and Korea in the current year.
Marco Gobbetti, chief executive officer, commented: “Prior to COVID-19, we were delivering strong momentum across our brand and product, with sales ahead of our expectations. Since then, the global health emergency has had a profound impact on the world, our industry and Burberry but I am very proud of the way we have responded.
“We have taken swift action to mitigate the financial impact on our business, while prioritising the safety and wellbeing of our teams and customers. We have a strong balance sheet and liquidity, with space for investment when markets recover. We have found new ways to strengthen our connection with consumers, drawing on our digital leadership.
“It will take time to heal but we are encouraged by our strong rebound in some parts of Asia and are well-prepared to navigate through this period. Now, more than ever, our strategy to secure our position in luxury fashion is key.”
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