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.
Confirmation that digital supply chains are top of mind for apparel industry executives came last week with the latest plans from global sourcing specialist Li & Fung....
As a barometer of the issues top of mind for apparel sourcing executives, it is hard to beat the annual Prime Source Forum in Hong Kong. ...
Over the past month, Donald Trump and his team failed to offer any clear plan to ensure Americans would "Buy American, Hire American" - while the British government's attempts to clarify the specifics...
The Bangladesh government was forced to respond late last week to pressure over its crackdown on labour activists after a number of global brands and retailers, including H&M and Inditex announced pla...
- Rana Plaza four years on – Timeline of change
- Why collaboration is key to fashion supply chains
- Industry groups reaffirm commitment to Bangladesh
- Trump and Brexit get a dose of pragmatism
- Using worker surveys to drive supply chain change
- Adidas to digitalise Speedfactory concept
- Nike filed patent for "reinforced denim"
- M&S extends sourcing deal with Lindsey brothers
- Gap unveils five-year sustainable fibres pledge
- US Q1 in brief – Columbia Sportswear, Amazon
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts
- Outdoor performance apparel 2016: A broader perspective