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Burberry disappointed analysts, announcing on Wednesday a growth of only 1% in the last three months of 2022. The early consensus was for double that. As a reminder, the growth of the British House had reached + 11% the previous quarter.<\/p>\n
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Burberry’s Achilles heel: like-for-like sales in China, plunged by persistent restrictions related to Covid, plunged by 23%. This was enough to cause its Asian market to fall by 7%. Fortunately, however, Europe helped to offset these poor results. The turnover of the “old continent, Middle East, India and Africa<\/em>” as a whole has indeed increased by 19%.<\/p>\n <\/p>\n “Europe, in particular, has continued to perform well, driven by strong trade during the holiday season, and leather goods recorded a new quarter of double-digit growth worldwide,<\/em>” said the CEO of the company. said Burberry’s CEO Jonathan Akeroyd.<\/p>\n <\/p>\n Note that the Americas were also in poor shape for Burberry, with a decline of 1%.<\/p>\n <\/p>\n <\/p>\n For its part, Richemont, including owner of the brands Cartier, Van Cleef & Arpels, Azzedine Ala\u00efa or Chol\u00e9, has also suffered greatly on the Chinese market in the last <\/p>\n “The massive increase in Covid cases had a negative impact on customer traffic and, due to the unavailability of staff, led to a reduction in store hours or temporary closures of outlets in mainland China, resulting in a 24% decline in sales during the period under review,<\/em>” the Swiss group said.<\/p>\n <\/p>\n But thanks to strong local demand and the return of tourists (especially Americans and Middle Easterners) to Europe and Japan, Richemont escaped the Berezina. It posted an 8% increase in its consolidated quarterly sales to 5.4 billion euros. A performance, however, below the consensus of analysts, which was 5.67 billion euros.<\/p>\n <\/p>\n In Europe, the Swiss group’s sales grew by 19% at constant exchange rates, while they plunged by 7% in Asia-Pacific. However, while China, Hong Kong and Macao fell back in the region, Japan performed very well, with a 43% increase in sales at constant exchange rates!<\/p>\n <\/p>\n As in Europe, the combination of “good domestic sales and returning tourists<\/em>” played a role.<\/p>\n <\/p>\n For its part, despite this disappointing end to the year, Burberry said it was “satisfied with its overall performance<\/em>” in 2022 and indicated that it “remains confident that it will be able to achieve its medium-term objectives despite a more difficult macroeconomic environment”.<\/p>\n <\/p>\n The easing of anti-covid constraints in China at the end of 2022 should make its task easier, as well as those of Richemont and the other luxury companies.<\/p>\n <\/p>\n <\/p>\n Read also >The man will walk in Milan and Paris<\/a><\/p>\nRichemont also lead by China<\/h2>\n
\nquarter of 2022.<\/p>\n