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Burberry to close 38 stores

Burberry will close one in 10 of its stores worldwide as it takes its proposition further upmarket.

Five stores have already close in countries including Brazil and Spain, but the luxury brand has yet to reveal locations of the further 33 stores for closure. They are however all minor stores or concessions in secondary locations. 

Burberry will focus on transforming its flagship stores into super-luxe destinations under chief executive Marco Gobbetti. 

The news comes after the brand reported a 6% decline in adjusted operating profits to £438m for the year to 30 March. Investors expressed concern about its slowed growth in China, however, the brand has plans to open new stores in China by the end of March 2020. 

Two of its non-executive directors, Ian Carter and Stephanie George, will retire this summer. 

 

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