Leeds STV
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Burberry chain profits rebound but the second quarantine will deal with it

The British fashion brand Burberry has seen its turnover plummet in the last six months due to the COVID crisis. Lockdown measures shut down shops and reduced travel. There were also fewer tourists worldwide buying clothes. In the meantime, the negative trend has reversed and the company’s turnover has already increased in October.

This increase is mainly due to double-digit turnover growth in, among others, China, Korea and the United States. The brand is popular with young people. One of Burberry’s faces is the English football player Marcus Rashford, who wears the iconic long coats in commercials.

Over the past six months, turnover has fallen by 31 percent to GBP 878 million. The turnover loss was mainly at the beginning of Burberry’s financial year. The gross profit halved well to 88 million pounds. In July, the company announced that about 150 jobs would be lost in London and Leeds offices.

In October sales grew on an annual basis. At the beginning of November, the UK shops had to close down again due to New quarantine measures.

Paolo Sorbello

Paolo Sorbello is a journalist and researcher. He is a PhD candidate at the University of Glasgow, studying state-business relations in Kazakhstan, Kyrgyzstan and Russia. He is also the Business News Editor of the weekly newspaper The Conway Bulletin.

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