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☆ Wealthy Americans are starting to spend more carefully
▼ + stars: | 2024-05-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

A robust stock market coupled with rising home values have boosted Americans’ wealth from 2019 through 2022, according to a Federal Reserve report on household finances. There’s been some evidence of wealthy Americans growing cautious in the latest round of company earnings results. Federal Reserve officials Michael Barr, Christopher Waller, Philip Jefferson and Raphael Bostic deliver remarks. Federal Reserve officials Christopher Waller, John Williams, Raphael Bostic, Michael Barr, Loretta Mester and Susan Collins deliver remarks. The Federal Reserve release minutes from its May policymaking meeting.

Persons: they’ve, “, ” Nanette Abuhoff Jacobson, There’s, ” Jonathan Akeroyd, Moet, The Beverly Hilton, Michael Kovac, LVMH Moët Hennessy Louis Vuitton, ”, Jacobson, ’ Ariel Barnes, Barnes, ” Barnes, Baby Boomer, Xers, Matt Egan, Read, Michael Barr, Christopher Waller, Philip Jefferson, Raphael Bostic, John Williams, Loretta Mester, Susan Collins, Robin, Ralph Lauren, Booz Allen Hamilton, Buckle Organizations: CNN Business, Bell, Washington CNN, Federal, Fed, Hartford Funds, CNN, Burberry, The Beverly, The Beverly Hilton Hotel, Walmart, Royal Caribbean Cruises, Jackson State University, Federal Reserve Bank of New, Palo Alto Networks, Urban Outfitters, NVIDIA, National Statistics, National Association of Realtors, Reserve, Intuit, US Labor Department, Chicago Fed, Global, US Commerce Department, Atlanta Fed, Booz, University of Michigan Locations: Washington, British, Americas, Beverly Hills , California, Jackson , Mississippi, Federal Reserve Bank of New York, Palo, Ross, Burlington

☆ Burberry’s profit slumps by a third as sales in China plunge
▼ + stars: | 2024-05-15 | by ( ) edition.cnn.com time to read: +2 min

London — British luxury brand Burberry has reported a 34% drop in annual profit after sales fell sharply in China — its biggest market — in the final three months of last year. The company had previously warned that achieving its goal of taking the 168-year-old brand further upmarket, to become the definition of “Modern British Luxury,” had been harder than expected after demand for luxury had slowed. Sales fell 12% in the final quarter, dragged down by a 19% slump in China, and wiping out gains made earlier in the year, Burberry said Wednesday. Sales in London, its home market, declined 17%, which Chief Executive Jonathan Akeroyd blamed on a lack of tax-free shopping for tourists. The world’s largest luxury group, Louis Vuitton owner LVMH, also reported weak sales in its latest quarter as spending on luxury items slowed.

Persons: ”, Burberry, Jonathan Akeroyd, ” Akeroyd, Akeroyd, Hermes, Prada, Kerring, Louis Vuitton, LVMH, Daniel Lee Organizations: London, Burberry, London Fashion Locations: China, London, Paris, Europe, British, Burberry’s, Americas

☆ Fewer shoppers in Burberry stores complicates design overhaul
▼ + stars: | 2023-11-17 | by ( Mimosa Spencer | ) www.reuters.com time to read: +5 min

With fewer shoppers heading to Burberry stores, clinching a sale will be key. The label has filled its stores with new styles across a wider price range, including a renewed emphasis on its staple outerwear. At Burberry he has applied colourful dandelion prints to garments and rolled out advertising campaigns with fuzzy ducklings. "We like what Burberry is doing with product and range architecture, however, the timing is not ideal," said analysts at RBC. Burberry Chief Financial Officer Kate Ferry said the company was "absolutely committed to protecting all of the consumer-facing areas".

Persons: Daniel Lee's, Jonathan Akeroyd, Akeroyd, Riccardo Tisci, Lee, Tisci, Marco Gobbetti, Kering, LVMH, Louis Vuitton's womenswear, Nicolas Ghesquiere, Kate Ferry, Mimosa Spencer, Paul Sandle, Kirsten Donovan Organizations: Burberry, Shoppers, JPMorgan, Bond, Bottega, RBC, Gucci, Citi, Thomson Locations: United States, Europe, China, Los Angeles, Dallas, Houston, Omotesando, Tokyo, London

☆ Burberry shares sink 9% as luxury spending slowdown bites
▼ + stars: | 2023-11-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — Burberry shares plunged 9% on Thursday after the British luxury fashion retailer warned that full-year operating profit will come in at the low end of forecasts amid a global slowdown in luxury spending. The company also cautioned that it may miss its annual revenue projections for low double-digit growth. In its fiscal second-quarter earnings report Thursday, Burberry reported that comparable store sales growth slowed to just 1%, down from 18% in the previous quarter, as momentum in China fizzled out. The company recorded a half-year operating profit of £223 million ($276.64 million), down 15% from last year, but CEO Jonathan Akeroyd said Burberry was making "good progress" on its strategic aims. "While the macroeconomic environment has become more challenging recently, we are confident in our strategy to realise our potential as the modern British luxury brand, and we remain committed to achieving our medium and long-term targets."

Persons: Jonathan Akeroyd, Burberry, Daniel Lee, Akeroyd Organizations: Burberry Locations: China

☆ Choppy luxury waters lift Burberry turnaround bar
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

MILAN, Nov 16 (Reuters Breakingviews) - Stuttering consumer confidence is complicating CEO Jonathan Akeroyd’s attempts to revive Burberry (BRBY.L). Like-for-like retail sales in the quarter to end-September grew a dismal 1% at the UK maker of fancy trench coats, below analyst expectations of 4%. But brands attempting a revamp, like Burberry or Kering’s (PRTP.PA) star label Gucci, are likely to suffer more than rivals. Akeroyd sounded confident that new designer Daniel Lee’s first collection, which was launched in shops in September, will energise shoppers. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jonathan Akeroyd’s, Gucci, Daniel Lee’s, Lisa Jucca, Neil Unmack, Streisand Neto Organizations: MILAN, Reuters, Burberry, X, Alstom, Thomson Locations: China, U.S

☆ Britain's Burberry hit by slowdown in luxury spending
▼ + stars: | 2023-11-16 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

LONDON, Nov 16 (Reuters) - Britain's Burberry (BRBY.L) said it was being hit by a global slowdown in luxury spending and it would struggle to meet its annual revenue forecast of low double-digit growth, with a knock-on impact on profit, if it continued. Demand in China, however, fell away in the second quarter from a strong bounce back from the impact of COVID lockdowns. Burberry said spending by Chinese luxury consumers had shifted overseas from mainland China. Tourist growth benefited European destinations, it said, with just over half of spending in the region coming from international visitors. But a weak performance in the Americas worsened in the quarter, with comparable store sales down 10%.

Persons: Burberry, Daniel Lee, Louis Vuitton, Tiffany, Yves Saint Laurent, Balenciaga, Richemont, Jonathan Akeroyd, Paul Sandle, James Davey, Kate Holton Organizations: Dior, Bottega, Cartier, Thomson Locations: China, Americas

☆ Burberry's London runway show dominated by padded bags and blue-soled heels
▼ + stars: | 2023-09-18 | by ( Suban Abdulla | ) www.reuters.com time to read: +3 min

[1/4] Models present creations at the Burberry catwalk show during London Fashion Week in London, Britain, September 18, 2023. REUTERS/Hollie Adams Acquire Licensing RightsLONDON, Sept 18 (Reuters) - Burberry's (BRBY.L) Daniel Lee on Monday unveiled new accessories and a colourful take on British heritage in his second collection showing at London Fashion Week. The 37-year-old creative director's spring-summer 2024 collection, a highlight of London Fashion Week, introduced interlink chain prints and a new vibrant "Knight Blue" colour. Silhouettes on Monday's catwalk were elongated and accessorised with padded bags in khaki as well as leather structured bags in red, white and green. The designer is tasked with expanding Burberry's leather goods and accessories offerings.

Persons: Hollie Adams, Daniel Lee, Lee, Bradford, Jonathan Akeroyd's, Riccardo Tisci, Edward Enninful, Jodie Comer, Kylie Minogue, Naomi Campbell, Suban Abdulla, William Maclean Organizations: Burberry, London, REUTERS, Monday, London Fashion, Bond, Vogue, Arsenal, England, Bukayo, Thomson Locations: London, Britain, Highbury Fields, North London

☆ China drives Burberry first-quarter sales jump
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry NichollsLONDON, July 14 (Reuters) - British luxury fashion brand Burberry (BRBY.L) on Friday reported an 18% rise in its first-quarter comparable store sales, in line with market expectations thank to continued recovery in China. CEO Jonathan Akeroyd said outerwear and leather goods were performing well and he was excited about new products from designer Daniel Lee arriving in stores in September. Lee, who joined in September, unveiled his debut collection at London Fashion Week in February. Like-for-like leather goods sales increased 13%, with women's bags, especially the Frances shapes and vintage Burberry check performing well, the company said.

Persons: Henry Nicholls LONDON, Jonathan Akeroyd, Daniel Lee, Lee, Frances, Suban Abdulla, Paul Sandle, David Goodman Organizations: Burberry, New, REUTERS, London Fashion, Thomson Locations: London, Britain, China, Europe, Americas

☆ Burberry fourth quarter sales jump 16% as China rebounds
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

LONDON, May 18 (Reuters) - British luxury fashion brand Burberry (BRBY.L) reported stronger-than-expected fourth quarter sales on Thursday, boosted by a rebound in its largest market China following three years of COVID-19 restrictions. In the quarter to April 1, comparable store sales rose 16%, accelerating from 1% in the third quarter and above a company compiled consensus of 14%. Sales in Mainland China rose 13%. "We have delivered a strong financial performance, supported by good progress in our core leather goods and outerwear categories, with revenue accelerating in the fourth quarter as growth rebounded in Mainland China," chief executive Jonathan Akeroyd said in a statement on Thursday. The FTSE 100 (.FTSE) group's luxury rivals LVMH (LVMH.PA) and Hermes (HRMS.PA) have also reported a bounce in first quarter sales due to a recovery in China and wider Asian markets.

☆ Burberry's Lee stages an ode to British heritage in debut runway show
▼ + stars: | 2023-02-21 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

LONDON, Feb 20 (Reuters) - Faux fur, oversized coats and hot water bottles dominated Burberry’s (BRBY.L) runway as Daniel Lee presented his vision for the British heritage label at London Fashion Week on Monday. Burberry's mackintosh-style trench coat was re-imagined in a muted khaki with green faux fur lapels. English rose patterned tailoring sat alongside chunky rubber boots with an equestrian twist and cosy square toed shearling and faux fur shoes in the Autumn Winter 2023 collection. Monday's show follows the unveiling of Burberry's new logo: a sleeker elongated typeface and a campaign steeped in "Britishness". Lee previously created a buzz at Italy's Bottega Veneta with pillowy leather clutch handbags and slip-on heels.

☆ Burberry's sales growth slows to 1% on China COVID hit
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 18 (Reuters) - British luxury brand Burberry's (BRBY.L) like-for-like sales growth slowed sharply to 1% in the quarter to end-December as COVID-19-related disruption in mainland China largely offset a stronger performance in Europe. It had reported growth of 11% for the previous quarter. Burberry's like-for-like sales in Europe, Middle East, India and Africa grew 19%, it said, but in other regions they fell. Mainland China, Burberry's biggest market, was down 23%, while the rest of Asia fell 7% and the Americas were down 1%. Burberry's new chief designer Daniel Lee, who was previously creative director at Bottega Veneta, will present his first runway collection for the house next month at London Fashion Week.

☆ China and U.S. tourists in Europe help Burberry beat sales forecasts
▼ + stars: | 2022-11-17 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

Under the creative direction of its new designer Daniel Lee, Burberry would "refocus on Britishness", it said. Known for its camel, red and black check and trenchcoats, Burberry kept near-term guidance to the end of its 2024 financial year of high-single digit revenue growth and a margin of around 20%. She said comparable store sales in mainland China, Burberry's biggest single market, fell 1% in the second quarter after falling 35% in the first, despite some local COVID lockdowns in September. "In the second quarter the situation eased considerably." Europe perform strongly, with sales up 25% in the second quarter, boosted by a rise in tourists from the United States, the Middle East and locations in Asia outside mainland China.

☆ Tourist spend and China helps Burberry beat sales forecasts
▼ + stars: | 2022-11-17 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

Under the creative direction of its new designer Daniel Lee, Burberry would "refocus on Britishness", it said. It had targeted high-single digit revenue growth and a margin of around 20%. Comparable store sales in mainland China, Burberry's biggest single market, stabilised in the second quarter after falling 35% in the first, it said, despite some local COVID lockdowns in September. Europe continued to perform strongly, it said, with sales up 25% in the second quarter, boosted by a rise in tourists from the United States, the Middle East and locations in Asia outside mainland China. The Americas continued to be a weak spot, however, with sales in second quarter down 3%, reflecting some pressure in the entry level items and U.S. customers spending more in Europe rather than at home.

☆ Burberry looks to reignite spark under new leadership duo
▼ + stars: | 2022-11-16 | by ( Suban Abdulla | ) www.reuters.com time to read: +4 min

He has already made his key appointment in choosing Daniel Lee to replace Riccardo Tisci as chief designer at the 166-year-old label. Leather goods account for around 20% of Burberry's sales versus 70% at Bottega Veneta. Tisci, in turn, changed Burberry's design language by introducing a TB monogram, that increased the brand's appeal to younger luxury consumers. The final stages of Burberry's five-year plan were expected to see an acceleration in revenue growth and an increase in profits. Burberry's rivals - led by French luxury leaders LVMH (LVMH.PA) and Kering (PRTP.PA) - in contrast, have most recently reported double-digit sales growth in the quarter to the end of September.

☆ Burberry Taps British Designer Daniel Lee as Creative Director
▼ + stars: | 2022-09-28 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

Burberry’s sales have largely flatlined since 2017 while the luxury industry as a whole has boomed. U.K. fashion house Burberry PLC appointed Daniel Lee as its chief designer in an attempt to breathe new life into the maker of iconic trench coats. Mr. Lee will join the company on Oct. 3, overseeing all Burberry collections, the London-based company said. Mr. Lee is expected to present his debut runway collection for the brand at London Fashion Week in February 2023. He will report to the company’s new chief executive, Jonathan Akeroyd .

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