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Burberry races to open flagship before Olympics

Luxury British heritage brand Burberry may look to phase the opening of its flagship store on Regent Street as it attempts to open the store in time for the Olympics.

The company, which is due to report its full year results on Wednesday, plans to open a 25,000 sq ft store in London this summer, although it is yet to name a date.

According to the Independent on Sunday, Burberry may look at a phased opening to open at least part of the store before the Olympic Games begin in London on July 27.

The store will be its largest flagship to date, with Burberry set to open further global flagships this year in Chicago and Sao Paulo.

When Burberry reports its results this week the luxury brand is expected to report a 26% jump in pre-tax profits to £372m.

For the six months to March 31, total revenue increased 18% to £1.03bn, with like-for-like retail sales jumping 12%. Retail sales grew by an underlying 23% to £743m and wholesale revenue was up 7% to £230m.

Meanwhile Burberry has won £180m (£114m) in two judgements against a network of Chinese websites selling and distributing fake Burberry goods. The company was battling against China-based counterfeiters who were found to be selling replica Burberry products, such as handbags, scarves and ties and using the Burberry name.

As well as winning the damages, Burberry won custody of the 236 counterfeit sites used to sell the fake goods and will have the right to shut the sites down.

A statement from Burberry said: “Counterfeit goods area a major industry issue, impacting brands and customers alike, and we appreciate that the court understands the importance of protecting brands against such infringements.”

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