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Burberry shares plummet as overhaul plans fall flat

Burberry shares plummet as overhaul plans fall flat

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Burberry shares plummet as overhaul plans fall flat – Nov. 9, 2017

burberry
Shares in Burberry are tumbling after the company announced a new business strategy.

Shares in Burberry dropped over 12% in London on Thursday after the company said that a costly strategy shift would prevent sales from growing until 2021.

The British fashion label said it plans to shift further upmarket, and stop selling its products in “non-luxury” stores.

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The company, which is renowned for its checked patterns and trench coats, said it would also work to refurbish its stores and enhance its luxury services.

“By re-energizing our product and customer experience to establish our position firmly in luxury, we will play in the most rewarding, enduring segment of the market,” CEO Marco Gobbetti said in a statement.

Luca Solca, head luxury goods analyst at Exane BNP Paribas, said the transition is “bound to be painful.”

In late October, Burberry announced the departure of famed chief creative officer Christopher Bailey.

Bailey is credited with reviving the brand over his 17 years at the company. He also served as CEO before passing the job over to Gobbetti.

Related: You’ll soon be able to eat breakfast at Tiffany’s first-ever cafe

Burberry stock had been enjoying a very nice 2017, with shares rallying 35% before Thursday.

CNNMoney (London) First published November 9, 2017: 5:06 AM ET




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