According to the company official, Burberry will sell the new products under the Burberry Brit brand, which is now used to sell the company’s perfumes. Moreover, the company is preparing to launch some new denim bag lines, destined to maintain sales at their current level. The price of these bags will be low, at £125 (some €142). Burberry, also known as the producer of the famous Lowry bags, has closed the store this year where it sold its least expensive brand, Thomas Burberry.
The luxury company sold most of its brands at low prices this year, even though its discounts were below those applied by some competitors, such as Saks, which applied discounts of up to 75 percent, without outselling Burberry.
At the end of the first financial quarter of 2009, Burberry reported Spain as the market with the sharpest drop in sales for its brands. “Burberry remains strong on the markets on which it is present, even if the poor evolution in Spain affected the entire business. Burberry’s business strategy for the near future includes cost cuts and a more conservative sales plan,” said Stacey Cartwright, Chief Financial Officer of Burberry.
