British luxury brand Burberry is slashing 15-20 per cent of its product lines with an aim to focus on its newest ranges as it is struggling to attract shoppers in a volatile luxury goods market.
Carol Fairweather, Chief Finance Officer, Burberry said, “The company was cutting back on product lines ahead of the key Christmas trading period and would give greater prominence to its newest products, such as the bridle bag that was a top seller from its September runway show. We are delighted with everything we have in place for (the) festive (season).”
Burberry earlier mentioned that it would move away from the traditional model of presenting seasonal ranges months ahead of their appearance in store, in favour of two collections a year that would be available in shops immediately.
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It may be noted that luxury brands have been struggling with slowing growth in Asia, a drop in tourist spending in Europe following a series of deadly attacks and competition from fast-fashion chains.
Burberry witnessed a 4 per cent drop in half-year sales to £ 1.16 billion last month as weak demand in some overseas markets offset a surge in sales in its British home as tourists took advantage of a lower pound.
