Burberry's Upmarket Move Failing
Burberry is attempting to move upmarket with things like $300 T-shirts, $3,000 floral print dresses and $10,000 alligator clutches, but it's not attracting the spenders. "With other luxury brands such as Chanel, Prada, Louis Vuitton, Gucci, etc., what you are buying is a real point of difference," said Jane Kellock of researcher Stylus. At Burberry, "the range just doesn't justify the prices." The company said same-store sales have fallen in recent weeks, sending the shares down the most ever and erasing about $2 billion in market value.