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The British fashion label has closed 24 of its 64 stores in Mainland China, with remaining stores operating with reduced hours and seeing significant footfall declines.
Providing an update to the market, Burberry said its most recent guidance for the year ended March 2020 predates the impact of the coronavirus outbreak and that it is taking mitigating actions, but the benefit in the current year will be limited given the proximity to the company’s March year end. Currently Burberry has closed 24 of its 64 stores in Mainland China, with remaining stores operating with reduced hours and seeing significant footfall declines, hence, impacting retail sales in both Mainland China and Hong Kong.
"The outbreak of the coronavirus in Mainland China is having a material negative effect on luxury demand. While we cannot currently predict how long this situation will last, we remain confident in our strategy. In the meantime, we are taking mitigating actions and every precaution to help ensure the safety and wellbeing of our employees”, said Marco Gobbetti, CEO, Burberry.