Burberry Group, one of the most renowned British fashion brands, headquartered in London, England, opened 38 new stores and closed 35 existing stores resulting in net store openings of 3 in FY2022, and the company closed around 6 stores in 2021. The company provides accessories, men’s and women’s apparel, children's wear, beauty, and other products. It also offers sunglasses, watches, leather goods, handbags, and beauty products. These goods are sold by the company under the Burberry brand.
In FY2022, the 3 net stores opened owing to the increase in-store traffic due to the removal of restrictions in most markets, and in comparison, to last year, total comparable store sales increased by 6% (an increase of 18% vs Last Year) though the continued disruption throughout the year due to the COVID-19 epidemic, especially in the fourth quarter FY2022. Underlying performance of the sales increased by 30% compared to 2020 (an increase of 24% compared to LY), though this was partially offset by the projected closure of markdowns in mainline and digital stores, as well as by decreased trade-ins in outlets.
By the end of FY2022, Burberry Group operated 418 stores, up from 415 operational stores in 2021. Of the 418 stores in FY2022, Leather goods remained a key growth driver increasing by 8%, the apparel category decreased by 10%, the footwear market grew by 11%, and Retail channels returned to growth as lockdowns eased and customers returned to stores. Growth was driven by mainline stores, delivering above-market growth (an increase of 6% versus 2019), and returning to 2019 levels in terms of market share.
In 2021, Local buyers were the primary driver of the luxury market's recovery due to travel limitations brought on by the pandemic. Local consumption increased by 50–60% from 2019 to 2021, but the tourist market decreased by 80–90%. From 2019 to 2021, the percentage of sales made through internet channels nearly doubled (from 12% to 22%, respectively). Digital is predicted to continue to develop at the fastest rate in the luxury market over the medium term, reaching 30% by 2025. Strong performance in jackets, quilts, and downs drove sales of outerwear, and with extensions to the Lola and TB families, leather goods remained to be a top priority in FY 2021/22.
Note: The fiscal year for Burberry is a 52-week or 53-week year ending in March.
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