Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Luxury fashion group Burberry reported a jump in annual profits on Wednesday, as new head Christopher Bailey said expansion in Japan would help the company build on record sales/AFP

World

Burberry targets Japanese growth after profits rise

Luxury fashion group Burberry reported a jump in annual profits on Wednesday, as new head Christopher Bailey said expansion in Japan would help the company build on record sales/AFP

Luxury fashion group Burberry reported a jump in annual profits on Wednesday, as new head Christopher Bailey said expansion in Japan would help the company build on record sales/AFP

LONDON, May 21- Luxury fashion group Burberry reported a jump in annual profits on Wednesday, as new head Christopher Bailey said expansion in Japan would help the company build on record sales.

Profit after tax rallied 27 percent to £322.5 million ($543 million, 396 million euros) in the 12 months to the end of March.

The figures were by comparison with performance in 2012/13, the British company said in an earnings statement.

Revenue increased 17 percent to £2.33 billion, while adjusted pre tax profit grew 8.0 percent to £461 million.

“Burberry delivered record sales and profit in 2013/14,” the group’s new chief executive Christopher Bailey said in the statement.

Bailey said Burberry was focused on expansion in Japan and pushing ahead with its cosmetics, or Beauty division.

“As we enter a new chapter, our teams are united and energised by the opportunities ahead — from unlocking Japan, to accelerating Beauty.”

He added: “While mindful of macroeconomic uncertainties and currency headwinds, we remain focused on the things we can control and confident of driving sustainable future growth, benefiting all our stakeholders.”

Burberry said it was in the process of building brand presence in Japan, the world’s second largest luxury market globally, while growing its retail presence in Tokyo and Osaka.

Bailey, who is also Burberry’s chief creative officer, officially took over from the company’s previous long-serving head Angela Ahrendts earlier this month.

Advertisement. Scroll to continue reading.

Ahrendts departed after eight years at the helm to become head of retail at Apple.

London-listed Burberry, famous for its trademark red, camel and black check design on luxury clothes and handbags, underwent huge expansion into emerging markets under Bailey’s predecessor.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...