Burberry shares down 12% following China slowdown
By Mei Ling Tan
1 min read
Burberry shares tumbled 12 per cent, the largest drop in three years, as theluxury group warned that its sales had been hit by a slowdown in China.
In an example of how the global luxury market is struggling, Burberry said that retail sales were affected by “an increasingly challenging environment for luxury, particularly Chinese customers”.
Total retail sales grew just 2 per cent to £774 million in the six months to the end of September, while like-for-like sales slowed to 1 per cent. Crucially, in the Asia Pacific area, sales experienced a “mid-single digit percentage decline” while “Hong Kong