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BlazinStreetz.com | Fashion |
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Burberry is on the Come-Up! |
By: Angel Suri |
Posted: 12/01/2008 11:06 P |
With sales up and a budding business venture on the horizon, Burberry is most definitely shooting the bird at this screwed up economy, LOL! |
Contrary to the opinion of like every economist in the world, the
UK luxury label's sales rose 20 percent in the last six months.
According
to a release, total revenues soared to 539 million pounds, or $809
million at current exchange rates, in the six months ending Sept. 30.
Compare that to 449 million pounds, or $673.5 million, Burberry made
that same time last year. The rise in sales is attributed to the
opening of fine "mainline" store, and strong performances in outerwear
and innovative check.
To underline its aggressive international expansion, Burberry also
announced two new joint ventures in the Middle East and Japan, which
happens to be the world's largest accessories market.
"The
fundamentals of Burberry remain strong, despite the current very
challenging environment," CEO Angela Ahrendts said in a release.
Ahrendts also praised the Jashanmal Group for its "wonderful
trusted partner in the Middle East," saying they have jointly created a
Burberry Middle East LLC headquartered in Dubai.
Based on the
15-year-long deal, Burberry Middle East will manage all Burberry retail
and wholesale distribution within the United Arab Emirates markets
including Dubai and Abu Dhabi, as well as Qatar, Oman and Kuwait - now
if that ain't expanding, than I don't know what is!
Burberry's first store in the Middle East opened in 1997 in Dubai,
a franchise with Jashanmal. Currently, there are eight stores in the
joint venture, with a further four planned for the current financial
year.
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