Can Burberry put its chequered past behind it?
The British label’s new boss has his work cut out
PITY EUROPE’S luxury giants. On July 15th Swatch Group, a Swiss watchmaker, said its revenues and operating profit ticked down in the six months to June, by 14% and 70% year on year, respectively. The next day Hugo Boss, a German fashion house, cut its earnings forecast for 2024 and Richemont, another Swiss group, reported that its quarterly sales in China, which accounts for a quarter of the $1.6trn annual global luxury market, plunged by 27% compared with last year. All eyes are now on the world’s luxury colossus, LVMH, which will report results on July 23rd.
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This article appeared in the Business section of the print edition under the headline “Lower your aspirations”
Business July 20th 2024
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