Burberry lays out plan for next phase of development

United Kingdom
Published:  18 November, 2022
Credit: Burberry

Burberry has announced its interim financial results and its plans to drive revenue growth and acceleration.

The company achieved revenue of US$1.35 billion for the 26 weeks ending October 1, 2022, against a result of US$1.21 billion for the 26 weeks ending September 25, 2021.

A key element of the company’s plan going forward will be to broadly double sales of leather goods, shoes and women’s ready-to-wear and grow outerwear by around 50% in the medium term, as well as growing accessories to more than 50% of group sales in the long term.

In the first half of the 2023 fiscal year, Burberry opened or renovated 22 stories and remains on track to open or refurbish 65 stores in its “new concept” in the 2023 financial year, on top of 47 in FY22.

Burberry currently plans to convert all of its stores to this new concept by the end of FY26 and boost sales densities by more than 50% to £25,000 (US$29,800) per sq m. As part of its new creative vision from Daniel Lee, the brand will also “refocus on Britishness” and strengthen its connection to British design, craft and culture.