Burberry has just released its interim results statement, and the British luxury retailer has reported a loss in first-half profits.
According to the Wall Street Journal, the 12% drop is due to foreign exchange movements, a drop in Chinese consumers and less demand for its goods in Russia. However, while overall profits did drop, the company did post an underlying profit of about $238 million.
The brand is optimistic profits will increase during the holiday season. Burberry’s Chief Financial Officer, Carol Fairweather, said she expected the pound would not make as much impact in the next six months. “We think we have never been better positioned for the festive period,” Fairweather said.
This will also be the first Christmas for Christopher Bailey as Chief Executive as well as Chief Creative Officer at Burberry.
The 158-year-old brand known for its trademark trench coat and plaid pattern has recently been reaching out to younger, more popular celebs when it comes to their marketing and branding. The biggest face for the company right now is supermodel Cara Delevingne, who just starred in the My Burberry campaign with Kate Moss. Burberry also just released an adorable ad featuring Romeo Beckham.
However, is Delevingne enough to get Burberry’s profits up?
We think having a fresh face like Delevingne is bound to help the British luxury brand when it comes to its end of the year profits. And given the popularity of Burberry’s personalized poncho, which has been spotted on celebs from Olivia Palermo to Sarah Jessica Parker, we expect holidays sales to jump for the retailer.
For celebs who love Burberry, check out the gallery below: