The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LONDON, United Kingdom — Burberry said it had seen an "exceptional response" to the creative vision of its new designer Riccardo Tisci after it reported a slight dip in first-half revenue and operating profit as it works to turnaround the brand.
Tisci's highly anticipated debut for the British label received a positive reception from critics and buyers alike, including from the brand's wholesale partners, when it was shown in September.
"The initial response from influencers, press, buyers and customers to our new creative vision and Riccardo's debut collection 'Kingdom' has been exceptional," chief executive Marco Gobbetti said on Thursday.
But he said his multi-year turnaround was only in the first phase and translating the buzz around the brand would take time.
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Burberry reported revenue of £1.22 billion ($1.60 billion), down 3 percent but ahead of analyst forecasts, and adjusted operating profit of £178 million, down 4 percent.
It said its outlook for the full-year, including £100 million of cost savings, was unchanged.
By Paul Sandle; editor: Sarah Young.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.