Burberry goes back to basics as it sets out plans to reach £5bn in annual sales by focusing on its British heritage
Burberry boss Jonathan Akeroyd set out plans to reach £5billion in annual sales by focusing on its British heritage.
In a bid to revive the luxury fashion house’s fortunes, he said it would double sales of its leather goods, shoes and womenswear.
Akeroyd also promised to boost online sales and increase the firm’s focus on accessories.
Sales drive: Burberry has recruited the likes of Shakira (pictured) in its battle to catch up with the likes of LVMH, Gucci owner Kering and Hermes
The 54-year-old, who joined in April from Versace, set out his stall as Burberry uses the likes of singer Shakira in its battle to catch up with LVMH, Gucci owner Kering, and Hermes.
Burberry has lagged behind a booming luxury sector, with sales rising just 11 per cent in the six months to October, hitting £1.3billion.
LVMH’s most recent update showed 19 per cent sales growth, while Kering posted a 23 per cent rise.
The business has been on a turnaround aimed at bolstering its luxury credentials.
In a positive sign, profit in the six months to October jumped 31 per cent to £251million.
It was held back by a poor performance in China where sales slumped. Shares rose 2 per cent, or 40p, to 2043p.
Global Data analyst Pippa Stephens said: ‘It is still underperforming key luxury competitors.’
Akeroyd said: ‘Burberry has a very strong platform to build on.’