Burberry was hit hard by the Covid-19 crisis at the end of its last financial year and the impact is continuing in the new year. But it's seeing resurgent demand in key Asian markets and its strategy remains on track.
Burberry had more bad news on Thursday as it updated on the "material negative effect of Covid-9 on luxury demand" saying that the situation has "intensified and is now impacting the industry in all regions”.
Burberry’s Q3 update offered further signs of the strength of the firm’s growth strategy. It had “a good quarter” and “continued to shift consumer perceptions of our brand and align the network to our new vision”.
Burberry has opened its new flagship store in GUM in Moscow with the new boutique being in a prime position overlooking Red Square and being described by it as “the latest expression of the Burberry in-store experience”.
Burberry’s Q1 Trading update was closely watched on Tuesday and it seemed to deliver, with rising sales and a positive consumer response to its Riccardo Tisci-designed collections, both at retail and in wholesale.