With a Spring/Summer 2025 collection reinventing the iconic trench coat with a streetwear edge, English designer Daniel Lee brought a breath of fresh air on Monday to fashion giant Burberry, hit by financial troubles.

The designer, who has been at the creative helm of Burberry for the past two years, departed from the tradition of setting the London Fashion Week show in a tent pitched in the heart of a park, opting for the concrete of the brutalist National Theatre building instead.

For the venue's scenography, the creative director called on British artist Gary Hume, who redecorated the building's foyer, inspired by one of his installations from the 1990s.

Lilac carpeting and large green sheets pierced with geometric patterns added colour between the grey concrete pillars.

Under the eyes of celebrities -- Vogue USA editor-in-chief Anna Wintour, actor Barry Keoghan, Blur singer Damon Albarn and recent Paris gold medallist Keely Hodgkinson -- the models entered from one of the building's massive staircases.

The classics that make up the British brand's DNA were still there: the trench coat with turned-up collar for men, tartan in shades of grey, beige or cream, and carefully structured outlines.

But even "Burberry icons evolve", wrote Daniel Lee in his note of intent, as "trench elements are deconstructed and realised in fabrics that feel light: silk poplin and linen".

For women, the designer remade the trench as a cropped jacket, a halter cape or a parka with shoulders covered in silk organza faux feather trims, layered over delicate dresses or skirts, blending elegance with a sportier, even military style.

- Spring palette - 
 
For men, the influence of sportswear fashion is even stronger, with lightweight materials and functional cuts, giving rise to outfits of flowing pants and tartan zip-up jackets, paired with sneakers or loafers.

"There's a tension between looser, fluid fabrics versus leather and pieces inspired by traditional British uniforms," Lee explained.

The collection also gave a nod to the resurgence of y2k fashion, with low-rise trousers, cargos and capris that end below the knee.

Before the show, Daniel Lee said he admired artist Gary Hume's "extraordinary use of colour", and his palette of green, lilac and orange is reflected in the collection, which ends with glamorous gold-sequined dresses.

Since his arrival at Burberry in October 2022, Lee has been on a mission to modernise the cornerstone of British luxury, which is experiencing worsening financial difficulties.

For several months now, the British fashion house has suffered from a lack of global appetite for luxury goods and unfortunate strategic choices.

Next week, Burberry will exit London's FTSE 100 after 15 years at the top-tier index. It has been the FTSE 100's worst-performing company over the past year, its share price tumbling about 70 percent.

Briton Jonathan Akeroyd stepped down as CEO after a series of poor results in July after just over two years at the label, and was immediately replaced by American Joshua Schulman, former head of brands Michael Kors and Coach.

On its penultimate day Monday, London Fashion Week also featured catwalks by Labrum London, Irish designer Sinead O'Dwyer and, for the first time, Edeline Lee, a favourite of Victoria Starmer, wife of Prime Minister Keir Starmer, who was in the front row of the show for the occasion.

Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

With a Spring/Summer 2025 collection reinventing the iconic trench coat with a streetwear edge, English designer Daniel Lee brought a breath of fresh air on Monday to fashion giant Burberry, hit by financial troubles.

With a Spring/Summer 2025 collection reinventing the iconic trench coat with a streetwear edge, English designer Daniel Lee brought a breath of fresh air on Monday to fashion giant Burberry, hit by financial troubles. The designer, who has been at the creative helm of Burberry for the past two years, departed from the tradition of setting the London Fashion Week show in a tent pitched in the heart of a park, opting for the concrete of the brutalist National Theatre building instead. For the venue's scenography, the creative director called on British artist Gary Hume, who redecorated the building's foyer, inspired by one of his installations from the 1990s. Lilac carpeting and large green sheets pierced with geometric patterns added colour between the grey concrete pillars. Under the eyes of celebrities -- Vogue USA editor-in-chief Anna Wintour, actor Barry Keoghan, Blur singer Damon Albarn and recent Paris gold medallist Keely Hodgkinson -- the models entered from one of the building's massive staircases. The classics that make up the British brand's DNA were still there: the trench coat with turned-up collar for men, tartan in shades of grey, beige or cream, and carefully structured outlines. But even "Burberry icons evolve", wrote Daniel Lee in his note of intent, as "trench elements are deconstructed and realised in fabrics that feel light: silk poplin and linen". For women, the designer remade the trench as a cropped jacket, a halter cape or a parka with shoulders covered in silk organza faux feather trims, layered over delicate dresses or skirts, blending elegance with a sportier, even military style. - Spring palette - For men, the influence of sportswear fashion is even stronger, with lightweight materials and functional cuts, giving rise to outfits of flowing pants and tartan zip-up jackets, paired with sneakers or loafers. "There's a tension between looser, fluid fabrics versus leather and pieces inspired by traditional British uniforms," Lee explained. The collection also gave a nod to the resurgence of y2k fashion, with low-rise trousers, cargos and capris that end below the knee. Before the show, Daniel Lee said he admired artist Gary Hume's "extraordinary use of colour", and his palette of green, lilac and orange is reflected in the collection, which ends with glamorous gold-sequined dresses. Since his arrival at Burberry in October 2022, Lee has been on a mission to modernise the cornerstone of British luxury, which is experiencing worsening financial difficulties. For several months now, the British fashion house has suffered from a lack of global appetite for luxury goods and unfortunate strategic choices. Next week, Burberry will exit London's FTSE 100 after 15 years at the top-tier index. It has been the FTSE 100's worst-performing company over the past year, its share price tumbling about 70 percent. Briton Jonathan Akeroyd stepped down as CEO after a series of poor results in July after just over two years at the label, and was immediately replaced by American Joshua Schulman, former head of brands Michael Kors and Coach. On its penultimate day Monday, London Fashion Week also featured catwalks by Labrum London, Irish designer Sinead O'Dwyer and, for the first time, Edeline Lee, a favourite of Victoria Starmer, wife of Prime Minister Keir Starmer, who was in the front row of the show for the occasion. Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

London Fashion Week: Designer Daniel Lee gives Burberry's trench coat a streetwear edge

British fashion label Burberry on Monday announced the immediate departure of chief executive Jonathan Akeroyd as it posted "disappointing" results with the luxury sector pressured by weak Chinese demand. Akeroyd, 57, departs after less than two and a half years at the helm, while the Briton is being replaced by Joshua Schulman, a former CEO at American fashion brands Michael Kors and Coach.

In a statement, Burberry chair Gerry Murphy described US national Schulman, 52, as "a proven leader with an outstanding record of building global luxury brands and driving profitable growth". Schulman, who officially joins the group on Wednesday, said he looked "forward to working alongside (creative director) Daniel Lee and the talented teams to drive global growth, delight our customers, and write the next chapter of the Burberry story".

In a separate statement, Murphy said the group's recent "performance is disappointing". Revenue slid 22 per cent to £458 million ($595 million) in Burberry's first quarter, or three months to the end of June.

The 168-year-old label -- famous for its trench coats and trademark red, camel and black check design -- announced plans to cut costs, which involve suspending dividend payments. Murphy warned that the group risked an operating loss in its first half.

- Shares slump -

Burberry's share price slumped 14.5 per cent to £7.57 following the announcements, making it by far the largest faller on London's top-tier FTSE 100 index, which was flat overall in morning trade.

"Burberry grabbed the headlines in company news, bringing forward its first quarter update amid some developments which came as a shock," noted Richard Hunter, head of markets at Interactive Investor. "The level of the group's appeal has been thwarted by weakening consumer demand, especially in the likes of China."

Burberry's share price is down 46 per cent since the start of the year. Highlighting troubles across the luxury fashion sector, Gucci owner Kering in April issued a profit warning, citing a weak Chinese economy.

China on Monday posted lower-than-expected growth of 4.7 per cent in the second quarter. That represented the slowest rate of expansion since early 2023 when China was emerging from a crippling zero-Covid policy that strangled growth.

Retail sales -- a key gauge of consumption -- rose just two per cent in June, down from 3.7 per cent growth in May. "Chinese sales can no longer be taken for granted" for the likes of Burberry, Chris Beauchamp, chief market analyst at online trading platform IG, said Monday.

British fashion label Burberry on Monday announced the immediate departure of chief executive Jonathan Akeroyd as it posted "disappointing" results with the luxury sector pressured by weak Chinese demand.

British fashion label Burberry on Monday announced the immediate departure of chief executive Jonathan Akeroyd as it posted "disappointing" results with the luxury sector pressured by weak Chinese demand. Akeroyd, 57, departs after less than two and a half years at the helm, while the Briton is being replaced by Joshua Schulman, a former CEO at American fashion brands Michael Kors and Coach. In a statement, Burberry chair Gerry Murphy described US national Schulman, 52, as "a proven leader with an outstanding record of building global luxury brands and driving profitable growth". Schulman, who officially joins the group on Wednesday, said he looked "forward to working alongside (creative director) Daniel Lee and the talented teams to drive global growth, delight our customers, and write the next chapter of the Burberry story". In a separate statement, Murphy said the group's recent "performance is disappointing". Revenue slid 22 per cent to £458 million ($595 million) in Burberry's first quarter, or three months to the end of June. The 168-year-old label -- famous for its trench coats and trademark red, camel and black check design -- announced plans to cut costs, which involve suspending dividend payments. Murphy warned that the group risked an operating loss in its first half. - Shares slump - Burberry's share price slumped 14.5 per cent to £7.57 following the announcements, making it by far the largest faller on London's top-tier FTSE 100 index, which was flat overall in morning trade. "Burberry grabbed the headlines in company news, bringing forward its first quarter update amid some developments which came as a shock," noted Richard Hunter, head of markets at Interactive Investor. "The level of the group's appeal has been thwarted by weakening consumer demand, especially in the likes of China." Burberry's share price is down 46 per cent since the start of the year. Highlighting troubles across the luxury fashion sector, Gucci owner Kering in April issued a profit warning, citing a weak Chinese economy. China on Monday posted lower-than-expected growth of 4.7 per cent in the second quarter. That represented the slowest rate of expansion since early 2023 when China was emerging from a crippling zero-Covid policy that strangled growth. Retail sales -- a key gauge of consumption -- rose just two per cent in June, down from 3.7 per cent growth in May. "Chinese sales can no longer be taken for granted" for the likes of Burberry, Chris Beauchamp, chief market analyst at online trading platform IG, said Monday.

Burberry replaces CEO after 'disappointing' results

Burberry's (BRBY.L) Daniel Lee on Monday unveiled new accessories and a colourful take on British heritage in his second collection showing at London Fashion Week.

The 37-year-old creative director's spring-summer 2024 collection, a highlight of London Fashion Week, introduced interlink chain prints and a new vibrant "Knight Blue" colour.

Attendees walked a dark green carpet that led into a large marquee, featuring a green, light yellow and white check design in Highbury Fields, North London.

Silhouettes on Monday's catwalk were elongated and accessorised with padded bags in khaki as well as leather structured bags in red, white and green.

Models strutted the runway in blue-soled high-heel sandals alongside iterations of Burberry's trench coat in camel and black with pops of its reimagined classic check print on the collar.

Burberry's blue colour made appearances throughout Lee's ready-to-wear brief, including a blue-coloured strawberry print on dresses and t-shirts and accented traditional button-downs.

For evening wear, Lee opted for sleek flowy deconstructed floral knit dresses with sheer elements, while chain press tools secured lightweight dresses and outfits into place.

Also read:&nbsp;<a href="https://www.wionews.com/entertainment/lifestyle/news-balmain-collection-robbed-in-run-up-to-fashion-show-designer-says-636948">Balmain collection robbed in run-up to fashion show, designer says</a>

In contrast, the menswear collection featured sharp tailoring and shorts, complemented by patent leather shoes in black, green and brown with prominent silver buckles and belts.

There were also sleeveless leather coats with pops of blue, the same hue featured on London's iconic Bond Street underground station, which has been temporarily renamed Burberry Street in honour of London Fashion Week.

The 167-year-old luxury fashion house last week launched Lee's first designs in stores and online, alongside a redesign of its website. Some of the items included significantly higher-priced handbags and t-shirts featuring the Equestrian Knight motif.

Bradford-born Lee's collections are key to Chief Executive Officer Jonathan Akeroyd's aim to attract younger consumers and move Burberry more upmarket.

The designer is tasked with expanding Burberry's leather goods and accessories offerings.

Lee, who replaced Riccardo Tisci as chief creative officer last year, joined from Italian fashion house Bottega Veneta where he created a buzz with pillowy leather clutch handbags and slip-on heels.

Monday's star-studded event was attended by outgoing British Vogue Editor Edward Enninful, actress Jodie Comer, Arsenal and England footballer Bukayo Saka, singer Kylie Minogue and Naomi Campbell among others.

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Burberry's (BRBY.L) Daniel Lee on Monday unveiled new accessories and a colourful take on British heritage in his second collection showing at London Fashion Week.

Burberry's (BRBY.L) Daniel Lee on Monday unveiled new accessories and a colourful take on British heritage in his second collection showing at London Fashion Week. The 37-year-old creative director's spring-summer 2024 collection, a highlight of London Fashion Week, introduced interlink chain prints and a new vibrant "Knight Blue" colour. Attendees walked a dark green carpet that led into a large marquee, featuring a green, light yellow and white check design in Highbury Fields, North London. Silhouettes on Monday's catwalk were elongated and accessorised with padded bags in khaki as well as leather structured bags in red, white and green. Models strutted the runway in blue-soled high-heel sandals alongside iterations of Burberry's trench coat in camel and black with pops of its reimagined classic check print on the collar. Burberry's blue colour made appearances throughout Lee's ready-to-wear brief, including a blue-coloured strawberry print on dresses and t-shirts and accented traditional button-downs. For evening wear, Lee opted for sleek flowy deconstructed floral knit dresses with sheer elements, while chain press tools secured lightweight dresses and outfits into place. Also read: Balmain collection robbed in run-up to fashion show, designer says In contrast, the menswear collection featured sharp tailoring and shorts, complemented by patent leather shoes in black, green and brown with prominent silver buckles and belts. There were also sleeveless leather coats with pops of blue, the same hue featured on London's iconic Bond Street underground station, which has been temporarily renamed Burberry Street in honour of London Fashion Week. The 167-year-old luxury fashion house last week launched Lee's first designs in stores and online, alongside a redesign of its website. Some of the items included significantly higher-priced handbags and t-shirts featuring the Equestrian Knight motif. Bradford-born Lee's collections are key to Chief Executive Officer Jonathan Akeroyd's aim to attract younger consumers and move Burberry more upmarket. The designer is tasked with expanding Burberry's leather goods and accessories offerings. Lee, who replaced Riccardo Tisci as chief creative officer last year, joined from Italian fashion house Bottega Veneta where he created a buzz with pillowy leather clutch handbags and slip-on heels. Monday's star-studded event was attended by outgoing British Vogue Editor Edward Enninful, actress Jodie Comer, Arsenal and England footballer Bukayo Saka, singer Kylie Minogue and Naomi Campbell among others. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Burberry's London runway show dominated by padded bags and blue-soled heels

British luxury fashion house Burberry said on Wednesday that Italian designer Riccardo Tisci will step down this week as creative director, and will be replaced by Briton Daniel Lee who was formerly at Bottega Veneta.

Tisci will leave the group on Friday in an unexpected and sudden departure, having transformed and modernised the British fashion house since his arrival in 2018.&nbsp;

"Riccardo has decided to leave after almost five years, during which he spearheaded Burberry's creative transformation," it said in a statement.&nbsp;

Under Tisci, the group added that it had "modernised and elevated its product offer, attracting a younger, more diverse and fashion-forward community of customers".

The Italian's Spring-Summer 2023 collection, which was presented this week in London, was his last for Burberry.

Lee, who will now oversee all Burberry collections, will present his debut runway collection at London Fashion Week in February 2023.

"Riccardo has played a pivotal role in repositioning Burberry," noted chief executive Jonathan Akeroyd.

"He has enhanced our creative language, modernised and elevated our product offer and brought a new generation of luxury customers to our brand."

Lee, who was born in Bradford in northern England, will take up his new role on Monday at the group's London headquarters.

He was creative director at Bottega Veneta between 2018 and 2021, when he helped reinvigorate the Italian brand.

Lee has also previously worked at Celine, Maison Margiela, Balenciaga and Donna Karan.

"I am honoured to join Burberry," he said Wednesday.

"Together with the team, we will write the exciting next chapter for this legendary British luxury brand, continuing its historic heritage and building on Riccardo's legacy."

Lee added he was "very excited" to return to London, adding that the British capital "champions pioneering creativity and that continues to inspire me".

British luxury fashion house Burberry said on Wednesday that Italian designer Riccardo Tisci will step down this week as creative director, and will be replaced by Briton Daniel Lee who was formerly at Bottega Veneta.

British luxury fashion house Burberry said on Wednesday that Italian designer Riccardo Tisci will step down this week as creative director, and will be replaced by Briton Daniel Lee who was formerly at Bottega Veneta. Tisci will leave the group on Friday in an unexpected and sudden departure, having transformed and modernised the British fashion house since his arrival in 2018. "Riccardo has decided to leave after almost five years, during which he spearheaded Burberry's creative transformation," it said in a statement. Under Tisci, the group added that it had "modernised and elevated its product offer, attracting a younger, more diverse and fashion-forward community of customers". The Italian's Spring-Summer 2023 collection, which was presented this week in London, was his last for Burberry. Lee, who will now oversee all Burberry collections, will present his debut runway collection at London Fashion Week in February 2023. "Riccardo has played a pivotal role in repositioning Burberry," noted chief executive Jonathan Akeroyd. "He has enhanced our creative language, modernised and elevated our product offer and brought a new generation of luxury customers to our brand." Lee, who was born in Bradford in northern England, will take up his new role on Monday at the group's London headquarters. He was creative director at Bottega Veneta between 2018 and 2021, when he helped reinvigorate the Italian brand. Lee has also previously worked at Celine, Maison Margiela, Balenciaga and Donna Karan. "I am honoured to join Burberry," he said Wednesday. "Together with the team, we will write the exciting next chapter for this legendary British luxury brand, continuing its historic heritage and building on Riccardo's legacy." Lee added he was "very excited" to return to London, adding that the British capital "champions pioneering creativity and that continues to inspire me".

Burberry replaces creative chief Riccardo Tisci with Daniel Lee

Spain has started a campaign to make beaches more inclusive. It says all bodies are beach bodies. Luxury brand Burberry has featured a Sikh boy in the ad for its children's collection. Is there a global push for inclusivity? Or is inclusivity just a marketing gimmick? Listen in to Palki Sharma.

Gravitas: Inclusivity: Spain makes beaches more inclusive, Burberry ad features Sikh boy

Burberry returned to live fashion shows after two years of pandemic-induced absence on Friday with Italy's Riccardo Tisci taking over a church in central London outside of fashion week for a celebration of Britishness.

The fashion house behind the famous check pattern took over the imposing edifice of Central Hall Westminster with models showing off the Autumn-Winter 2022 collection to the sounds of the London Contemporary Orchestra and around 100 choristers.

<a href="https://www.wionews.com/photos/no-batman-no-cannes-here-is-the-list-of-sanctions-imposed-on-russia-so-far-458930">No Batman, No Cannes: Here is the list of sanctions imposed on Russia so far</a>

"I think people should be showing when they're ready to show," artistic director Tisci told journalists, explaining why Burberry skipped last month's London Fashion Week.

Tisci said that he "got Covid three, four times," and that the company had undergone a lot of changes with the departure of CEO Marco Gobbetti, his replacement by Jonathan Akeroyd and a "lot of Covid".

With the audience standing in the dark, the models came downstairs and walked among those attending before climbing onto tables specially laid with crockery and cutlery for the occasion.

"The collection embodies an intangible essence that is Britishness, a unique fusion of honouring the beauty of the past, whilst also remaining focussed on the future with thankfulness, hope and love."

<a href="https://www.wionews.com/photos/in-pics-gigi-hadid-to-ryan-reynolds-celebrities-donating-millions-to-ukraine-relief-459953" hreflang="en">In pics: Gigi Hadid to Ryan Reynolds: Celebrities donating millions to Ukraine relief</a>

Celebrities including Kate Moss, Naomi Campbell and Adam Driver were in attendance to watch the fashion house's iconic trench coat augmented with chains, worn as a dress or printed with trompe l'oeil images.

"It was important for me to explore what it means to belong, how our roots influence our identity and how the power of community and togetherness is what truly brings meaning to the world," Tisci said.

"It feels good" to be back to reality, back to emotions, he said.

Burberry returned to live fashion shows after two years of pandemic-induced absence on Friday with Italy's Riccardo Tisci taking over a church in central London outside of fashion week for a celebration of Britishness.

Burberry returned to live fashion shows after two years of pandemic-induced absence on Friday with Italy's Riccardo Tisci taking over a church in central London outside of fashion week for a celebration of Britishness. The fashion house behind the famous check pattern took over the imposing edifice of Central Hall Westminster with models showing off the Autumn-Winter 2022 collection to the sounds of the London Contemporary Orchestra and around 100 choristers. No Batman, No Cannes: Here is the list of sanctions imposed on Russia so far "I think people should be showing when they're ready to show," artistic director Tisci told journalists, explaining why Burberry skipped last month's London Fashion Week. Tisci said that he "got Covid three, four times," and that the company had undergone a lot of changes with the departure of CEO Marco Gobbetti, his replacement by Jonathan Akeroyd and a "lot of Covid". With the audience standing in the dark, the models came downstairs and walked among those attending before climbing onto tables specially laid with crockery and cutlery for the occasion. "The collection embodies an intangible essence that is Britishness, a unique fusion of honouring the beauty of the past, whilst also remaining focussed on the future with thankfulness, hope and love." In pics: Gigi Hadid to Ryan Reynolds: Celebrities donating millions to Ukraine relief Celebrities including Kate Moss, Naomi Campbell and Adam Driver were in attendance to watch the fashion house's iconic trench coat augmented with chains, worn as a dress or printed with trompe l'oeil images. "It was important for me to explore what it means to belong, how our roots influence our identity and how the power of community and togetherness is what truly brings meaning to the world," Tisci said. "It feels good" to be back to reality, back to emotions, he said.

Burberry gets 'back to reality' with live London show

British fashion house Burberry deconstructed its camel trench coat for its women's spring line on Monday (September 27), removing sleeves and in some cases, its back.

Burberry shows 'animal instinct' with deconstructed trench for spring/summer 2022

Marco Gobbetti is stepping down as chief executive of British luxury fashion house Burberry to take up the reins at Italian peer Salvatore Ferragamo, the companies announced Monday.

Expressing disappointment at Gobbetti's departure set for the end of the year, Burberry chairman Gerry Murphy said the board respected "his desire to return to Italy after nearly 20 years abroad".

Following the news, Burberry's share price slumped 9.0 percent in early deals on London's benchmark FTSE 100 index.

Salvatore Ferragamo gained 2.2 per cent in Milan.

Murphy added in a statement that the Burberry board would begin its search for a successor.&nbsp;

Gobbetti will leave after nearly five years in the role, allowing him to be closer to family, while the announcement comes one month after pandemic-hit Burberry announced a strong sales recovery.

"With Burberry re-energised and firmly set on a path to strong growth, I feel that now is the right time for me to step down," Gobbetti added in the statement.

In a separate release, Salvatore Ferragamo said Gobbetti would become general manager and chief executive officer of the Florentine group as soon as he is released from his contractual obligations at Burberry.

The sharp fall in Burberry's share price "shows how much he is credited with the success of" the group in recent years, noted Russ Mould, investment director at AJ Bell.

Markets.com chief market analyst Neil Wilson said that while there were "some pandemic-related issues still being washed out, Burberry remains a strong brand in the luxury space with room to appeal to a broader consumer base".

Gobbetti's tenure comes to an end having seen a turnaround in Burberry's fortunes after the heavy financial fallout of the coronavirus outbreak.

It recently announced a surge in annual net profit following strong sales in the first three months of the 2021, the final quarter of Burberry's fiscal year.

As head of Burberry, Gobbetti appointed Italian designer Riccardo Tisci as its chief creative officer who ended the use of real fur and angora in its clothes.

Formerly CEO of Moschino, Gobbetti spent 13 years at LVMH where he was head of Givenchy and Celine.

Marco Gobbetti is stepping down as chief executive of British luxury fashion house Burberry to take up the reins at Italian peer Salvatore Ferragamo, the companies announced Monday.

Marco Gobbetti is stepping down as chief executive of British luxury fashion house Burberry to take up the reins at Italian peer Salvatore Ferragamo, the companies announced Monday. Expressing disappointment at Gobbetti's departure set for the end of the year, Burberry chairman Gerry Murphy said the board respected "his desire to return to Italy after nearly 20 years abroad". Following the news, Burberry's share price slumped 9.0 percent in early deals on London's benchmark FTSE 100 index. Salvatore Ferragamo gained 2.2 per cent in Milan. Murphy added in a statement that the Burberry board would begin its search for a successor. Gobbetti will leave after nearly five years in the role, allowing him to be closer to family, while the announcement comes one month after pandemic-hit Burberry announced a strong sales recovery. "With Burberry re-energised and firmly set on a path to strong growth, I feel that now is the right time for me to step down," Gobbetti added in the statement. In a separate release, Salvatore Ferragamo said Gobbetti would become general manager and chief executive officer of the Florentine group as soon as he is released from his contractual obligations at Burberry. The sharp fall in Burberry's share price "shows how much he is credited with the success of" the group in recent years, noted Russ Mould, investment director at AJ Bell. Markets.com chief market analyst Neil Wilson said that while there were "some pandemic-related issues still being washed out, Burberry remains a strong brand in the luxury space with room to appeal to a broader consumer base". Gobbetti's tenure comes to an end having seen a turnaround in Burberry's fortunes after the heavy financial fallout of the coronavirus outbreak. It recently announced a surge in annual net profit following strong sales in the first three months of the 2021, the final quarter of Burberry's fiscal year. As head of Burberry, Gobbetti appointed Italian designer Riccardo Tisci as its chief creative officer who ended the use of real fur and angora in its clothes. Formerly CEO of Moschino, Gobbetti spent 13 years at LVMH where he was head of Givenchy and Celine.

Burberry chief moving to Salvatore Ferragamo

Capes, flags and helmet-like hats dominated the Burberry catwalk on Wednesday in what designer Riccardo Tisci described as a "modern armour" collection for women this winter. 
 
In a runway presentation filmed at the British brand`s flagship London Regent Street store, models strutted in an array of outerwear adorned in faux fur as well as block coloured dresses with fluttering fringes and cape-like sleeves. 
 
There were also tops and skirts with flag intarsias or boldly coloured geometric prints, boxy jackets, fringed shorts and tapered trousers, with cuffs at the ankles. 
Tisci, who joined Burberry in 2018, put capes on the back of jackets, dresses and coats - including the label`s trademark trench. One version came in shiny gold lame`. 
 
The autumn/winter 2021 womenswear line called "Femininity" paid tribute to "the indomitable force of Mother Nature and the widespread British craft and outdoor movements of the early 20th Century", according to show notes. "Throughout my life, my mother has been this incredible force of nature ... so, naturally, I have always been drawn to strong women and, in turn, they have also given me the confidence to express my own femininity," Tisci said. 
 
"I wanted this collection to feel truly emblematic of the power of feminine energy: a modern armour that captures its characteristic fierce aura ... This presentation is a love letter to women and a celebration of their incomparable strength." 
 
Tisci accessorised the looks, which came in mainly earthy tones mixed with dabs of bright colours, with oversized bags, tight stretchy sock boots and hats reminiscent of helmets. 
 
Wednesday`s presentation follows February`s unveiling of Tisci`s first menswear-focused collection for Burberry during London Fashion Week.

Capes, flags and helmet-like hats dominated the Burberry catwalk on Wednesday in what designer Riccardo Tisci described as a "modern armour" collection for women this winter.

Capes, flags and helmet-like hats dominated the Burberry catwalk on Wednesday in what designer Riccardo Tisci described as a "modern armour" collection for women this winter. In a runway presentation filmed at the British brand`s flagship London Regent Street store, models strutted in an array of outerwear adorned in faux fur as well as block coloured dresses with fluttering fringes and cape-like sleeves. There were also tops and skirts with flag intarsias or boldly coloured geometric prints, boxy jackets, fringed shorts and tapered trousers, with cuffs at the ankles. Tisci, who joined Burberry in 2018, put capes on the back of jackets, dresses and coats - including the label`s trademark trench. One version came in shiny gold lame`. The autumn/winter 2021 womenswear line called "Femininity" paid tribute to "the indomitable force of Mother Nature and the widespread British craft and outdoor movements of the early 20th Century", according to show notes. "Throughout my life, my mother has been this incredible force of nature ... so, naturally, I have always been drawn to strong women and, in turn, they have also given me the confidence to express my own femininity," Tisci said. "I wanted this collection to feel truly emblematic of the power of feminine energy: a modern armour that captures its characteristic fierce aura ... This presentation is a love letter to women and a celebration of their incomparable strength." Tisci accessorised the looks, which came in mainly earthy tones mixed with dabs of bright colours, with oversized bags, tight stretchy sock boots and hats reminiscent of helmets. Wednesday`s presentation follows February`s unveiling of Tisci`s first menswear-focused collection for Burberry during London Fashion Week.

Burberry's Tisci eyes 'modern armour' for winter womenswear

British luxury brand Burberry on Thursday said it has joined forces with China's Tencent for a new digital marketing and sales push to tap the nation's increasingly social media savvy shoppers in a critical luxury market.

Burberry said it will open a so-called "social retail" store in Shenzhen in China's technology hub powered by Tencent technology in the first half of next year that will blend retail and social media to create digital and physical spaces aimed at attracting customers.

Few other details were given.

But with its popular Wechat Pay online payment platform and Weibo's vast social media clout in one of the world's largest luxury goods market, Tencent offers Burberry a one-stop shop for marketing and selling its products online and in stores. Tencent's Wechat is China's dominant chat app.

"Social media is becoming such an important part of the luxury customer journey, particularly in the inspiration phase, and retail needs to keep pace with this," Burberry Chief Executive Marco Gobbetti said in a statement.

"China was the obvious place to start as it is one of the leading hubs for innovation and technology and Chinese consumers are some of the highest users of social media."

Shenzhen is the neighbouring city to Hong Kong on China's mainland where sales are suffering as months of protests have forced retailers to close stores.

The move also comes as more well-off Chinese consumers are buying at home, deterred from overseas shopping trips due to the weaker yuan.

Burberry, known for its traditional tartan pattern, posted double-digit declines in Hong Kong sales in its latest earnings released on Thursday although the popularity of collections by designer Riccardo Tisci boosted overall sales.

Chinese retail giants like Alibaba and JD.com have also upped the ante in their battle for relevance in the lucrative luxury goods market with the launch of luxury sites in mid-2017 that boast labels such as Hugo Boss.

British luxury brand Burberry on Thursday said it has joined forces with China's Tencent for a new digital marketing and sales push to tap the nation's increasingly social media savvy shoppers in a critical luxury market.

British luxury brand Burberry on Thursday said it has joined forces with China's Tencent for a new digital marketing and sales push to tap the nation's increasingly social media savvy shoppers in a critical luxury market. Burberry said it will open a so-called "social retail" store in Shenzhen in China's technology hub powered by Tencent technology in the first half of next year that will blend retail and social media to create digital and physical spaces aimed at attracting customers. Few other details were given. But with its popular Wechat Pay online payment platform and Weibo's vast social media clout in one of the world's largest luxury goods market, Tencent offers Burberry a one-stop shop for marketing and selling its products online and in stores. Tencent's Wechat is China's dominant chat app. "Social media is becoming such an important part of the luxury customer journey, particularly in the inspiration phase, and retail needs to keep pace with this," Burberry Chief Executive Marco Gobbetti said in a statement. "China was the obvious place to start as it is one of the leading hubs for innovation and technology and Chinese consumers are some of the highest users of social media." Shenzhen is the neighbouring city to Hong Kong on China's mainland where sales are suffering as months of protests have forced retailers to close stores. The move also comes as more well-off Chinese consumers are buying at home, deterred from overseas shopping trips due to the weaker yuan. Burberry, known for its traditional tartan pattern, posted double-digit declines in Hong Kong sales in its latest earnings released on Thursday although the popularity of collections by designer Riccardo Tisci boosted overall sales. Chinese retail giants like Alibaba and JD.com have also upped the ante in their battle for relevance in the lucrative luxury goods market with the launch of luxury sites in mid-2017 that boast labels such as Hugo Boss.

Burberry aims to woo more customers in China with Tencent tie-up

Italian designer Riccardo Tisci looked to Burberry's Victorian roots for the luxury British brand's latest line at London Fashion Week on Monday, mixing delicate lace with edgy street style for looks aimed at catering to different age groups.

Burberry fashion show draws stars from Carla Bruni to Dua Lipa

Already hamstrung by the battle to compete with online rivals, Britain&#39;s major clothing retailers now risk a hit to sales and profits from the higher costs and plummeting consumer confidence that have followed the vote to leave the European Union. 
 
A month after that vote, clothing sellers are nursing big share price falls and contemplating the cost of the depreciation in the Pound versus their most important currency, the US Dollar. 
 
At the same time, consumer confidence has recorded one of the biggest drops in over two decades. With consumer spending accounting for three quarters of Britain&#39;s gross domestic product any drop would have huge implications for the economy. 
 
While a few retailers with big overseas earnings could benefit from the currency move, such as luxury brand Burberry, online fashion retailer ASOS and discount chain Primark, those that will struggle are likely to be British-focused and with already tight margins. 
 
&quot;It was already a tough market,&quot; Andy Street, managing director of John Lewis, Britain&#39;s biggest department store chain, said earlier this month, while Steve Rowe, CEO of Marks &amp; Spencer, the nation&#39;s biggest clothing retailer, described confidence as &quot;fragile&quot;. 
 
While steps by clothing retailers to protect themselves from volatility in foreign exchange rates through hedging will provide some breathing space on the currency issue, the hit to confidence is the more immediate threat, as Britons typically curtail clothes shopping in hard times. 
 
Market researcher Nielsen polled shoppers after the Brexit vote and found 41 per cent planned to change their spending habits to save on household expenses, with clothing and expensive grocery brands in their sights. 
 
In common with all British retailers, clothing sellers were already grappling with intense competition from online-only players and the cost inflation implications of the government-mandated minimum pay rate, the national living wage, as well as increased business rates. 
 
Official data today showed UK clothing sales were falling even before the referendum. Sales volumes in the three months to June were 5 per cent lower than a year earlier, the worst performance for any calendar quarter in 25 years, and in sharp contrast to a buoyant picture for most other categories of retail. 
 
Now clothing retailers also have to deal with a sharply depreciated Pound.&nbsp;Sterling has taken the brunt of market concern since the Brexit vote on June 23, falling to a 31-year low and trading below $1.28 on July 6 against $1.50 the day before the referendum. 
 
With the bulk of British clothing retailers&#39; goods sourced from Asian suppliers and paid for in Dollars, a weaker Pound has a major impact on their buying costs. 
 
Britain&#39;s biggest clothing retailers, including M&amp;S, Next and John Lewis, are hedged up to 18 months ahead, meaning that if Sterling stays depressed the main impact will not start to be felt until the second half of their 2017-18 financial year. 
 
Sportswear retailer Sports Direct is the notable exception, being unhedged for Sterling-Dollar for its 2016-17 year. Its share price is down 32 per cent since the vote. 
 
Clothing companies would normally be expected to hedge for the second half of 2017-18 and beyond, now and over the next few months.&nbsp;But with foreign currency markets volatile, the treasury departments of firms are reviewing their hedging policies. 
 
They face a dilemma, explained a senior banker with several major British retailers as clients, because as UK interest rates look set to be cut there is a risk Sterling could fall further.&nbsp;&quot;Now might not be the right time to do it, equally waiting might not be the right thing to do,&quot; he said. 
 
That unease was echoed by a person with knowledge of the situation at a FTSE 100 clothing retailer.&nbsp;&quot;You don&rsquo;t want to be making a decision in July to hedge for 18 months time, because nobody knows what&rsquo;s going to happen. You could put yourself in a worse position,&quot; said the person, adding that only the brave would start hedging now. 
 
Faced with higher sourcing costs one solution could be to pass those costs on to consumers through higher prices.&nbsp;However, in an already weak market shoppers will have little appetite for inflation, and in the case of M&amp;S, raising prices would run counter to Rowe&#39;s stated strategy of bringing them down to cure the firm&#39;s perceived uncompetitiveness. 
 
The average price of clothing has fallen by 15 per cent in the last 10 years, according to official UK data.&nbsp;The key for clothing retailers will be their ability to mitigate the cost increases they face. 
 
&quot;There are a number of things that we can do in terms of the sourcing side of things,&quot; said Helen Weir, M&amp;S&#39; chief finance officer, noting the firm imports 1 billion to 1.5 billion Pounds ($1.31-$1.97 billion) worth of goods each year in Dollars. 
 
Options include changing the mix of sourcing countries and further increasing the proportion of direct sourcing from factories, cutting out middlemen.&nbsp;Also there might be scope to re-negotiate better terms with suppliers as Asian currencies have depreciated against the Dollar. 
 
Bankers say more radical options would require a cultural shift at retailers.&nbsp;They could pursue &quot;dual pricing&quot;, where they negotiate part payment for supplies in different currencies from the Dollar, for example using the Chinese Renminbi. 
 
Retailers could also collaborate more on ordering, shipping and warehousing to seek economy of scale savings.&nbsp;But efficiencies might be more difficult to achieve than in previous years. 
 
&quot;Companies have already materially improved their gross margins through better buying and efficiencies on the supply side,&quot; said Ernesto Bisagno, senior analyst at ratings agency Moody&#39;s. 
 
Ultimately the clothing sellers with the biggest margins will be best able to weather the storm.&nbsp;Here, Next, Britain&#39;s most successful clothing retailer of the last decade, is the stand-out stock, with an operating margin for 2015-16 of 20.8 per cent, according to Reuters data. 
 
That dwarfs M&amp;S on 7.4 per cent, which is diluted by half of its business being in the lower-margin food sector, Debenhams on 5.8 per cent (for 2014-15), Sports Direct on 9.4 per cent and Primark on 11.9 per cent (for its most recent quarter). 
 
Led by Simon Wolfson, who was among the leading business supporters of Brexit, Next should be well prepared. With some foresight, he had warned in March that 2016 could be its toughest year since 2008. 
 
(Reuters)

Clothing retailers fear volatility in foreign exchange rates, and Britons typically buy less clothes in hard times

Already hamstrung by the battle to compete with online rivals, Britain's major clothing retailers now risk a hit to sales and profits from the higher costs and plummeting consumer confidence that have followed the vote to leave the European Union. A month after that vote, clothing sellers are nursing big share price falls and contemplating the cost of the depreciation in the Pound versus their most important currency, the US Dollar. At the same time, consumer confidence has recorded one of the biggest drops in over two decades. With consumer spending accounting for three quarters of Britain's gross domestic product any drop would have huge implications for the economy. While a few retailers with big overseas earnings could benefit from the currency move, such as luxury brand Burberry, online fashion retailer ASOS and discount chain Primark, those that will struggle are likely to be British-focused and with already tight margins. "It was already a tough market," Andy Street, managing director of John Lewis, Britain's biggest department store chain, said earlier this month, while Steve Rowe, CEO of Marks & Spencer, the nation's biggest clothing retailer, described confidence as "fragile". While steps by clothing retailers to protect themselves from volatility in foreign exchange rates through hedging will provide some breathing space on the currency issue, the hit to confidence is the more immediate threat, as Britons typically curtail clothes shopping in hard times. Market researcher Nielsen polled shoppers after the Brexit vote and found 41 per cent planned to change their spending habits to save on household expenses, with clothing and expensive grocery brands in their sights. In common with all British retailers, clothing sellers were already grappling with intense competition from online-only players and the cost inflation implications of the government-mandated minimum pay rate, the national living wage, as well as increased business rates. Official data today showed UK clothing sales were falling even before the referendum. Sales volumes in the three months to June were 5 per cent lower than a year earlier, the worst performance for any calendar quarter in 25 years, and in sharp contrast to a buoyant picture for most other categories of retail. Now clothing retailers also have to deal with a sharply depreciated Pound. Sterling has taken the brunt of market concern since the Brexit vote on June 23, falling to a 31-year low and trading below $1.28 on July 6 against $1.50 the day before the referendum. With the bulk of British clothing retailers' goods sourced from Asian suppliers and paid for in Dollars, a weaker Pound has a major impact on their buying costs. Britain's biggest clothing retailers, including M&S, Next and John Lewis, are hedged up to 18 months ahead, meaning that if Sterling stays depressed the main impact will not start to be felt until the second half of their 2017-18 financial year. Sportswear retailer Sports Direct is the notable exception, being unhedged for Sterling-Dollar for its 2016-17 year. Its share price is down 32 per cent since the vote. Clothing companies would normally be expected to hedge for the second half of 2017-18 and beyond, now and over the next few months. But with foreign currency markets volatile, the treasury departments of firms are reviewing their hedging policies. They face a dilemma, explained a senior banker with several major British retailers as clients, because as UK interest rates look set to be cut there is a risk Sterling could fall further. "Now might not be the right time to do it, equally waiting might not be the right thing to do," he said. That unease was echoed by a person with knowledge of the situation at a FTSE 100 clothing retailer. "You don’t want to be making a decision in July to hedge for 18 months time, because nobody knows what’s going to happen. You could put yourself in a worse position," said the person, adding that only the brave would start hedging now. Faced with higher sourcing costs one solution could be to pass those costs on to consumers through higher prices. However, in an already weak market shoppers will have little appetite for inflation, and in the case of M&S, raising prices would run counter to Rowe's stated strategy of bringing them down to cure the firm's perceived uncompetitiveness. The average price of clothing has fallen by 15 per cent in the last 10 years, according to official UK data. The key for clothing retailers will be their ability to mitigate the cost increases they face. "There are a number of things that we can do in terms of the sourcing side of things," said Helen Weir, M&S' chief finance officer, noting the firm imports 1 billion to 1.5 billion Pounds ($1.31-$1.97 billion) worth of goods each year in Dollars. Options include changing the mix of sourcing countries and further increasing the proportion of direct sourcing from factories, cutting out middlemen. Also there might be scope to re-negotiate better terms with suppliers as Asian currencies have depreciated against the Dollar. Bankers say more radical options would require a cultural shift at retailers. They could pursue "dual pricing", where they negotiate part payment for supplies in different currencies from the Dollar, for example using the Chinese Renminbi. Retailers could also collaborate more on ordering, shipping and warehousing to seek economy of scale savings. But efficiencies might be more difficult to achieve than in previous years. "Companies have already materially improved their gross margins through better buying and efficiencies on the supply side," said Ernesto Bisagno, senior analyst at ratings agency Moody's. Ultimately the clothing sellers with the biggest margins will be best able to weather the storm. Here, Next, Britain's most successful clothing retailer of the last decade, is the stand-out stock, with an operating margin for 2015-16 of 20.8 per cent, according to Reuters data. That dwarfs M&S on 7.4 per cent, which is diluted by half of its business being in the lower-margin food sector, Debenhams on 5.8 per cent (for 2014-15), Sports Direct on 9.4 per cent and Primark on 11.9 per cent (for its most recent quarter). Led by Simon Wolfson, who was among the leading business supporters of Brexit, Next should be well prepared. With some foresight, he had warned in March that 2016 could be its toughest year since 2008. (Reuters)

British clothing retailers face Brexit double whammy

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