Burberry returns to profit as sales soar, from £85 socks to £9,000 bags

Burberry’s chief executive said a “democratic approach” to its strategy has helped the brand beat a difficult luxury market. The company returned to profit after a back‑to‑basics plan drove strong sales of coats, jackets and handbags over the summer. Sales grew 6%, with online and wholesale channels in China and the U.S. contributing significantly to the uptick. The CEO confirmed that the strategy is working.

CEO says ‘democratic approach’ has helped brand outperform tough market, with big rises in China and USBurberry has returned to profit as its back-to-basics strategy drove strong sales of the British brand’s coats, jackets and handbags over the summer.Joshua Schulman, the chief executive, said the luxury brand had outperformed a “challenging luxury market” to achieve sales growth of 6%, helped by strong online and wholesale sales particularly in China and the US. “Our strategy is working,” he said. Continue reading...