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BURBERRY see market recovery
News 17 June 2009
Chief Executive Officer Angela Ahrendts said luxury demand is leveling out as the market slowdown nears its first anniversary. “Things are stabilizing,” Ahrendts said in a Bloomberg Television interview on the sidelines of a luxury-goods conference in Monaco yesterday. “They’re not getting any worse, they’re not getting significantly better.” The market got “really bad” in September and October last year, she said.
Burberry, Britain’s largest luxury-goods company, last month reported a full-year loss after it sold more handbags and apparel at a discount and wrote off the value of its business in Spain. Sales in the 175 billion-euro ($241 million) luxury-goods industry may drop at least 10 percent this year, Bain & Co. said in March, downgrading its forecast as the recession worsened.
U.S. luxury-spending figures tracked by MasterCard Inc. show that slumping demand eased in May, Jorn Lambert, head of the credit-card company’s “core products” for Europe, said at the conference yesterday. Still, U.S. industry sales were 17 percent below the same month a year earlier, he said.
Burberry, Britain’s largest luxury-goods company, last month reported a full-year loss after it sold more handbags and apparel at a discount and wrote off the value of its business in Spain. Sales in the 175 billion-euro ($241 million) luxury-goods industry may drop at least 10 percent this year, Bain & Co. said in March, downgrading its forecast as the recession worsened.
U.S. luxury-spending figures tracked by MasterCard Inc. show that slumping demand eased in May, Jorn Lambert, head of the credit-card company’s “core products” for Europe, said at the conference yesterday. Still, U.S. industry sales were 17 percent below the same month a year earlier, he said.