Wealthy are still buying Burberry
Wednesday 18 January 2012
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.
- 2 Tower Bridge glass walkway 'smashed' by night-time visitor dropping bottle of beer
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 5 Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Rochester aftermath: Sacking of Emily Thornberry will make work of Labour MPs '10 times harder'
Revealed: How the world gets rich – from privatising British public services
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...