Burberry's Profit Slumps 34% as Luxury Demand Slows

A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls
A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls
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Burberry's Profit Slumps 34% as Luxury Demand Slows

A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls
A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls

Britain's Burberry reported a 34% drop in annual operating profit on Wednesday after it faced the challenge of repositioning its brand to take it more upmarket against a backdrop of slowing luxury demand.
It said its like-for-like sales fell 12% in the final quarter, wiping out gains made earlier in the year, Reuters said.
Chief Executive Jonathan Akeroyd said that while the financial results underperformed the company's original expectations, it had made good progress refocusing its brand.
"We are using what we have learned over the past year to fine tune our approach, while adapting to the external environment," he said, adding that he remained confident Burberry could be the "Modern British Luxury" brand.
He said Burberry expected the first half of its current financial year to remain challenging, but it expected to see the benefit of the actions it was taking from the second half.



Vivienne Westwood's Clothes, Jewels Headed for Auction

Gallery staff pose with a dress from the 'DRESSED TO SCALE' collection by late British fashion designer Vivienne Westwood (1941-2022) during a press view at Christie's auction house in London, Britain, 13 June 2024. EPA/TOLGA AKMEN
Gallery staff pose with a dress from the 'DRESSED TO SCALE' collection by late British fashion designer Vivienne Westwood (1941-2022) during a press view at Christie's auction house in London, Britain, 13 June 2024. EPA/TOLGA AKMEN
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Vivienne Westwood's Clothes, Jewels Headed for Auction

Gallery staff pose with a dress from the 'DRESSED TO SCALE' collection by late British fashion designer Vivienne Westwood (1941-2022) during a press view at Christie's auction house in London, Britain, 13 June 2024. EPA/TOLGA AKMEN
Gallery staff pose with a dress from the 'DRESSED TO SCALE' collection by late British fashion designer Vivienne Westwood (1941-2022) during a press view at Christie's auction house in London, Britain, 13 June 2024. EPA/TOLGA AKMEN

Dresses, suits, shoes and jewelry from the personal collection of late British designer Vivienne Westwood will go under the hammer this month is an auction aimed at raising funds for charity.
More than 200 lots are being offered by Christie's in London for the two-part "Vivienne Westwood: The Personal Collection" auction, made up of a live sale on June 25 and an online auction running June 14-28.
Westwood, one of British fashion's biggest names, died in December 2022, aged 81. Her collaborator and widower Andreas Kronthaler has selected looks spanning some 40 years for the auction, with the earliest from Westwood's Autumn-Winter 1983-1984 collection.
"These are the things that she chose to wear herself throughout the last 40 years of her life," Adrian Hume-Sayer, head of sale for the auction, told Reuters at a press preview on Thursday. “It's very personal... These are the things you can see her on her bike, riding around London, press interviews, end of the catwalk... just conducting her day-to-day life. But she also lived... as she spoke. And so unlike many people... in her position she wore things repeatedly. She had favorites."
Westwood, whose name was synonymous with 1970s punk rebellion, was also known for her activism. Her T-shirts bore slogans against fossil fuel-driven climate change and pollution, as well as her support for WikiLeaks founder Julian Assange.
In addition to clothes and accessories, a set of enlarged prints of a pack of playing cards Westwood designed in 2017 - focusing on issues such as climate change and inequality - are also being offered for sale with an estimate of 30,000 pounds - 50,000 pounds ($38,292 - $63,820).
Proceeds from the auction will go towards causes and charities Westwood supported - her own Vivienne Foundation, Greenpeace, Amnesty International and Médecins Sans Frontières, Christie's said.
An exhibition of the lots will be open to the public at Christie's London from Friday until June 24.