Worn by Queen Elizabeth II, Naomi Campbell and Vanessa Redgrave, Burberry was considered the height of British fashion.Its reliance on outlet stores has put this in jeopardy.
Naomi Campbell and Vanessa Redgrave among others, Burberry was for many years considered the height of British fashion.
According to the bank, the designer has been selling products such as its flagship Knight handbag for as little as £820 at outlets in China, when the retail price is typically around £2,400 . Shares in the British fashion giant fell by as much as 8 per cent on Monday to 565p per share following a downgrade from the bank, meaning the company is now worth only £2 billion, less than a quarter of its £9 billion market value in mid-2023. This marks its lowest point since 2009.
It comes almost two months after Burberry suspended its dividend and ousted its chief executive Jonathan Akeroyd, with Joshua Schulman, former chief executive of Coach handbags, hired as his replacement. The business has been attempting to refocus its image around “Britishness” in a push led by creative director Daniel Lee, but it has failed to translate into sales growth.
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