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Burberry Fourth Quarter Sales Jump 16% as China Rebounds

People wearing protective masks walk past a Burberry store at Covent Garden, following the outbreak of the coronavirus disease (COVID-19) in London, Britain June 15, 2020. REUTERS/John Sibley
People wearing protective masks walk past a Burberry store at Covent Garden, following the outbreak of the coronavirus disease (COVID-19) in London, Britain June 15, 2020. REUTERS/John Sibley
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Burberry Fourth Quarter Sales Jump 16% as China Rebounds

People wearing protective masks walk past a Burberry store at Covent Garden, following the outbreak of the coronavirus disease (COVID-19) in London, Britain June 15, 2020. REUTERS/John Sibley
People wearing protective masks walk past a Burberry store at Covent Garden, following the outbreak of the coronavirus disease (COVID-19) in London, Britain June 15, 2020. REUTERS/John Sibley

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%, Reuters reported.

"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 results follow creative director Daniel Lee's first collection at London Fashion week in February as well as the launch of a new logo and campaign.

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Shein to Open Pop-up Store in South Africa to Woo More Shoppers

A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
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Shein to Open Pop-up Store in South Africa to Woo More Shoppers

A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)

Fast-fashion giant Shein, known for its $5 tops and $10 dresses, will open a pop-up store in Johannesburg, South Africa in August as the online retailer aims to expand its brand recognition in the country.

Shein, founded in China, and its rival Temu have aggressively expanded worldwide as online shopping has surged after the COVID pandemic. They have been accused of exploiting tax loopholes by exporting China-made products in small quantities to avoid higher duties.

Shein will open its pop-up store from Aug. 2-11 as an "exhibition space" for customers to try on trendy fashion and lifestyle products and order them online at a discount, the company said in its South African Instagram post on Tuesday.

Local influencers were tapped for a pre-opening marketing campaign.

Brick-and-mortar and online fashion retailers have urged South African regulators to impose a 45% import duty on all clothing item imports, no matter the price, to level the playing field. Shein, which is planning to go public in Britain, taps a network of largely China-based suppliers which take small initial orders and scale up based on demand.

A Shein spokesperson told Reuters the retailer is engaging with South African regulators to ensure its continued compliance with local laws.

"That said, such tax measures are not critical to the success of our business or the competitive prices we offer our consumers. We keep our prices affordable through our technology-based on-demand business model and flexible supply chain," the spokesperson added.