Chinese’s strong spending in travel retail
Burberry, a British luxury fashion brand, had flat sales in the latest fiscal year 2019 (ending March 2019). However, wholesale department including tourism retail had a significant revenue growth. This is an amazing thing.
Burberry and their development in the retail industry
The luxury British fashion brand – Burberry produces and distributes unique luxury sports clothes, fashion accessories, perfume, sunglasses, and cosmetics.
According to Chief Operating & Financial Officer Julie Brown, in 2019, their revenue is £ 2,720 million (about $ 3,523 million). Their revenue has decreased slightly compared to the £ 2,733 million ($ 3,540 million) in 2018.
Burberry’s boutique at Shanghai / Ph: Burberry
It is true toáy that Asia Pacific delivered special growth thanks to China’s strong spending on tourism retail. Burberry said that Mainland China delivered low single digit percentage growth, with a stronger second half due to the shift of Chinese spending away from other Asian tourist locations.
They are implementing a conversion and repositioning plan for many years. FY2019 and the current FY2020 are their important years. they will renew energy for the brand, rationalize and invest in distribution and management through creative transition. After that, they will accelerate and grow rapidly.
Burberry said that in FY2019, they achieved our first year financial, strategic and operational objectives. During the year, they launched a new creative vision with a refreshed logo and monogram and a new product aesthetic, being started with Riccardo Tisci’s debut runway collection: Kingdom. They supported the launch with high-impact communications across key cities generating exceptional visibility and brought the new Burberry to millions of luxury consumers globally.
Another, Burberry has pioneered the application of digital to retail. They partner with Instagram to allow customers to buy online their products from Burberry Instagram stores.
They plan to overhaul over 80 8retail outlets by the end of 2020. They are also closing 38 smaller stores where business is not effective.
In the future, they will have more plans for brand development.
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