Burberry CFO says Asia has compelling prospects but faces increased competition
Burberry's Strategic Outlook and Market Performance in Asia
HONG KONG, April 15 (Reuters) - Burberry Group's chief financial officer, Kate Ferry, said on Wednesday that Asia had very compelling long-term prospects for the luxury retailer, but recognised there would be intensified competition.
Ferry was speaking on a panel at the HSBC Global Investment Summit in Hong Kong.
Long-Term Prospects and Competitive Landscape
"I think certainly the long term in Asia is very compelling, it's going to be more competitive," she said.
Brand Identity and Local Customization
"And I think what really matters is how brands manage to forge their own path. What's going to be really important is a very clear brand identity, I think really strong product authority and actually a really deep understanding of local custom."
Performance in the Chinese Market
Gen Z Demand and Sales Growth
Burberry said in January that strong demand from Gen Z consumers in mainland China had helped it beat comparable store sales expectations for the quarter to December 27.
Comparable Sales and Recovery
Sales in China rose 6% on a comparable basis as the brand continued its recovery in the key luxury market.
Marketing Initiatives in China
The company has made a concerted push into the country, and launched a campaign ahead of Chinese Lunar New Year to mark the Year of the Horse.
(Reporting by Summer Zhen in Hong Kong; Writing by Scott Murdoch; Editing by Himani Sarkar and Kevin Buckland)
