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Burberry says new designer creating buzz to drive turnaround

News Desk

Reuters

London | Thu, November 8, 2018 | 06:36 pm
Burberry says new designer creating buzz to drive turnaround

Burberry reported revenue of 1.22 billion pounds ($1.60 billion), down 3 percent but ahead of analyst forecasts, and adjusted operating profit of 178 million pounds, down 4 percent. (Bloomberg/-)

Burberry said it had seen an "exceptional response" to the creative vision of its new designer Riccardo Tisci after it reported a slight dip in first-half revenue and operating profit as it works to turnaround the brand.

Tisci's highly anticipated debut for the British label received a positive reception from critics and buyers alike, including from the brand's wholesale partners, when it was shown in September.

"The initial response from influencers, press, buyers and customers to our new creative vision and Riccardo's debut collection 'Kingdom' has been exceptional," Chief Executive Marco Gobbetti said on Thursday.

But he said his multi-year turnaround was only in the first phase and translating the buzz around the brand would take time.

Read also: Burberry is changing its logo for first time in two decades

Burberry reported revenue of 1.22 billion pounds ($1.60 billion), down 3 percent but ahead of analyst forecasts, and adjusted operating profit of 178 million pounds, down 4 percent.

It said its outlook for the full-year, including 100 million pounds of cost savings, was unchanged.

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