Burberry will use its British heritage appeal to win back customers by focusing on trench coats and scarves and be less ambitious with prices on bags and shoes, the loss-making luxury brand said in a revamp that sent its shares up sharply.
“We took pricing too high across the board,” Schulman told investors and analysts, setting out his assessment of what went wrong at Burberry.
Pricing strategy shiftSchulman told reporters Burberry would add more lower-priced “entry-level” products to its range as part of a pricing shift.
But he said Burberry’s positioning would remain in luxury and there were no plans to make it an “accessible” luxury brand.
Leather goods and shoes underperformed in the first half, Burberry said, while outerwear did better than average.
Persons:
Joshua Schulman, “, ” Schulman, Burberry, Cara Delevingne, Little Simz, Olivia Colman, Schulman, Michael Kors, Daniel Lee, outerwear, Italy’s Moncler
Organizations:
Burberry
Locations:
China, outerwear, Bottega