Burberry was hit hard by the Covid-19 crisis at the end of its last financial year and the impact is continuing in the new year. But it's seeing resurgent demand in key Asian markets and its strategy remains on track.
Burberry had more bad news on Thursday as it updated on the "material negative effect of Covid-9 on luxury demand" saying that the situation has "intensified and is now impacting the industry in all regions”.
Burberry’s Q3 update offered further signs of the strength of the firm’s growth strategy. It had “a good quarter” and “continued to shift consumer perceptions of our brand and align the network to our new vision”.
Burberry’s Q1 Trading update was closely watched on Tuesday and it seemed to deliver, with rising sales and a positive consumer response to its Riccardo Tisci-designed collections, both at retail and in wholesale.
Burberry's results may have looked unspectacular on paper but coming in a year of huge change, they showed it's moving in the right direction and building a buzz around its rebirth as an even more luxury-focused brand.