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Burberry poised for 40% profit rise

British luxury brand Burberry is expected to announce a 40% hike in full year pre-tax profits to £290m this week, driven by strong demand for premium fashion in Asia.

The brand is also expected to use its results announcement on Thursday to outline plans to double its store space in London. Angela Ahrendts, chief executive of Burberry, revealed last month that it planned to aggressively reinvest in the capital.

As revealed by Drapers in March, Burberry has acquired the lease for the LK Bennett shop in London’s Regent Street, which is next store to a former Habitat store that Burberry also owns. It is expected to knock two units into one to create a trading space of about 24,000 sq ft. It is expected to exit its existing Regent Street

It also acquired the lease for premium retailer Jaeger’s Brompton Road store in Knightsbridge, which is next door to an existing Burberry shop. Again, it is expected to knock the two units into one.

The high profile store signings are understood to be part of a major brand-building exercise by Ahrendts, who is thought to be keen to celebrate Burberry’s British heritage.

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