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Business News

Wealthy are still buying Burberry

The luxury goods brand Burberry has revealed a storming 22 per cent rise in third-quarter sales, despite the economic storm clouds.

Its update is a further sign that the luxury goods market shows very little sign of falling out of favour among the world's wealthy. Cartier's owner Richemont on Monday reported a 24 per cent leap in sales.

Burberry's revenues hit £574m for the three months to the end of December – ahead of some analysts' forecasts of £569m.

The 156-year-old purveyor of trench coats, leather goods and fashion has been boosted by the continuing rise of the TLC – "travelling luxury consumer". Tourists travelling the world from the Middle East, China, Russia and Brazil are boosting sales at stores from Las Vegas to Paris.

Burberry will open its largest store yet in London ahead of the Olympics this year. Its chief financial officer Stacey Cartwright said: "We will continue with our flagship cluster strategy. London is particularly exciting this year. Regent Street will open before the Olympics – our biggest store in the world."

Despite the strong sales period, some experts warn a spending slowdown and rising inflation in China and elsewhere will hit the sector.