Blog: In the bag for Burberry
Leonie Barrie | 19 November 2007
Soaring demand for its luxury handbags helped Burberry Group to a 31% hike in first quarter profit last week. The company said accessories such as bags and shoes now account for 31% of group sales, and that luxury handbags make up 50-60% of its European and US retail sales.
The results show that wealthy consumers are continuing to spend on luxury items, and are perhaps more immune to a fluctuating economic climate than their counterparts at the other end of the market. In the US in particular, the company says it continues "to experience high volume growth driven by the strength of our product designs." And the price tag of one of its most popular lines, the silver studded Knight bag, is a mere GBP1,595 ($3,315).
But pinning its hopes on bags is another smart move. Bags are universal in the way that many fashions are not. And of course they’re not size specific. Rather than squeeze themselves into the latest fashions, may consumers would prefer to update their wardrobes with a bag that can be worn with a variety of looks and gives them the flexibility to keep in step with trends.
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