Burberry reported a 3 percent drop in like-for-like sales in a "challenging" first quarter, underlining the size of the task facing Marco Gobbetti when he takes over as chief executive.
Michelle McGrade, chief investment officer at TD Direct Investing, looks at the change of leadership at U.K. brand, Burberry, adding that she’s quite bullish on the luxury sector.
Shares of Burberry shot up by 6 percent after the company announced a new CEO on Monday.
The U.K. vote adds yet another wave of uncertainty to sales and profits at high-end retailers.
Burberry paid its chief executive 75 percent less last year than in the 2014-15 period after the British luxury brand failed to meet its profit target.
European indexes closed mostly higher as investors reacted to volatile oil markets and awaited the minutes of the latest Federal Reserve meeting.
British luxury fashion group Burberry said it would overhaul its retail operations and simplify its product range after its full-year profit fell 10 percent.
Jharonne Martis, director of consumer research at Thomson Reuters, says while Burberry is popular among Chinese consumers, its merchandise is not as resilient as other luxury makers in the market.
Looking at Burberry’s latest earnings, Michelle McGrade, chief investment officer at TD Direct Investing, says the designer has to find a way to maintain being the “brand that everyone wants to buy.”
European markets closed higher on Wednesday, as crude oil prices pared losses.
On June 23, all eyes will be on the U.K. as it decides whether it wants to stay in the EU. Here's what key sectors are saying about a “Brexit”.
European stocks finished Friday in the red as investors digested the latest earnings and China data, ahead of a key oil summit this weekend.
European stocks finished the session slightly higher on Thursday, as investors remained cautious on the price of oil.
The British brand says its second-half sales were hit by the challenging luxury market.
Burberry said its second-half sales were hit by a drop in tourist spending in Continental Europe and weak demand in Hong Kong.
European stocks accelerated gains at the end of Tuesday's session to close higher, as investors cheered on the rally in commodity prices.
European markets closed lower on Friday in a choppy day of trade as investors reacted to a slide in oil prices and fresh jobs data from the U.S.
Singapore-based Reebonz is betting on luxury consumption picking up despite chilly economic conditions that has personal luxury growth slow down.
European stocks finished in negative territory on Tuesday, on the back of a sharp slip in mining stocks and oil prices.
Nicla Di Palma, retail analyst at Brewin Dolphin, addresses the speculation surrounding a mystery investor in luxury brand Burberry.