– Burberry Crashes Most Since 2012 As Luxury Downturn Accelerates:
Shares in Burberry Group Plc crashed as much as 15% in UK trading, hitting lows not seen since the early days of the Covid pandemic as the trenchcoat maker slashed its profit forecast. This is more evidence that the global luxury downturn will accelerate in the first half of 2024.
Burberry lowered its profit outlook by nearly £100 million ($128 million) in the biggest warning yet that the luxury bubble has gone bust. The company warned about slowing sales in its “key December trading period” as it slashed profit guidance for the full-year ending in March 2024.
The stock plunged as much as 15% in London, the steepest intraday decline since 2012.
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