Purchases of high-end handbags and coats from affluent Asian consumers have bolstered Burberry’s fourth quarter sales position in China, reports Reuters.
While sales from China’s “aspiring luxury” segment were down, the most expensive items sold well. The word is that Burberry is putting less time in its European wholesale business and spending more on cultivating the higher end of the luxury market in China.
Fourth quarter group sales rose 10 percent to 503 million pounds, beating Perry's forecast of 489 million pounds and following a better-than-expected third quarter result. Retail sales, which make up 75 percent of revenue, grew 14 percent to 376 million pounds in the period.