Burberry, the iconic British luxury brand, is steering its revival strategy towards emphasising its classic trench coats and scarves while modifying its ambitious pricing on bags and shoes. The announcement, spearheaded by new CEO Joshua Schulman, followed a first-half loss and a notable downturn in company shares. Responding to the decline in demand, particularly in the Chinese market, Burberry plans to introduce more entry-level products, marking a pivotal pricing strategy shift.
Schulman acknowledged that previous pricing approaches were overly aggressive, misaligning with consumer expectations for the brand. Burberry's campaign to redefine itself as synonymous with timeless British luxury is also a response to internal challenges, including several leadership changes over recent years. CEO Schulman aims to stabilize the brand, maintaining its luxury status without shifting towards a purely 'accessible' market positioning.
(With inputs from agencies.).
