London losing out to Paris and Milan over tourist shopping, says Burberry

Burberry has reported a sales surge of almost a fifth thanks to a bounceback in China, but the luxury British fashion brand has warned that London is losing out to rivals such as Paris and Milan, which are enjoying a stronger tourist shopping boom. The British fashion brand, best known for its signature check bags and raincoats, said that global sales grew 18% year on year to £589m in the quarter to 1 July – its fastest growth rate in two years. The company pointed to a strong sales recovery…

In China, It’s Time to Splurge Again, and the Luxury Industry Is Relieved

This time last year, Shanghai — China’s capital of fashion and luxury — was in the throes of a ruthlessly enforced Covid lockdown. The city’s glittering high-end malls and avenues lined with flagship stores stood practically empty. Today it is a different story. Huge crowds on a recent weekend flocked to top retail destinations on or near Nanjing Road, the hub of glamour in China ever since the country’s first large department stores began to open there in 1917. “I splurge more extravagantly,” Sunny Zhang, 24, said as she waited…

Rush for bags and scarves helps Burberry offset China Covid slump

Burberry offset a plunge in Chinese sales of more than a fifth amid Covid disruption, thanks to the return of tourists to Europe who snapped up bags, scarves and trenchcoats in the run-up to Christmas. The British luxury goods firm reported a 1% increase in global sales in the three months to the end of December, below its 2% target and sharply down compared with the 11% growth reported in the previous quarter. Burberry sales plunged 23% year on year in mainland China because of Covid lockdowns followed by a…

Luxury’s Gray Market Is Emerging From the Shadows

Imagine you are hunting online for a pair of square-toed slides from Bottega Veneta, one of the most-hyped luxury brands of the moment. A new season pair can cost more than $550 from the brand’s website, an old-guard department store like Neiman Marcus or a newer e-commerce player like Net-a-Porter. But what if you chose to buy from Cettire, a website offering discounts of up to 30 percent on the latest fashion styles? You would be a player in the multibillion-dollar luxury “gray” market, a fast-growing sales sector that has…