British luxury fashion group, Burberry has announced that it is expected to surpass market forecasts for profits and revenues after showing a strong uptick in sales since December 2020.
The brand, synonymously known for its idyllic trench coats, shares that its retail sales between last quarter and March 27 are predicted to be 28 percent to 32 percent higher than the same period, last year. Business of Fashion obtained a quote from Burberry stating, “Since December, we have continued to see a strong rebound and now expect revenue and adjusted operating profit to be ahead of consensus expectations.”
Burberry shares have also seen an increase of approximately 10 percent in early deals. It is said to be the highest level since January 22, 2020. Though the group expected its revenue to decline by 10 percent to 11 percent, designer Ricardo Tisci‘s first menswear-focused collection saw great success in Mainland China and South Korea.
With the help of the growth in Asian markets, Burberry was able to recover parts of its sales revenue and offset the declines across Europe and the U.S. Other rival luxury houses have also seen recoveries due to the Chinese market. Prada and Salvatore Ferragmo were amongst the luxury brands that have seen a jump in revenues due to the strength of Chinese sales.
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