RUSSIA. UK luxury group Burberry has revealed plans for a new store in Moscow, its first in Russia, located at 10 Stoleshnikov. Encompassing 5,000sq ft (929sq m) over two floors, the store is scheduled to open this spring.
“The Russian market represents an exciting development potential for Burberry,” said Burberry CEO Rose Marie Bravo. “We have had a wholesale presence in Moscow for some years and this prime retail location in one of the city’s most distinguished shopping areas gives us an exciting opportunity to showcase our comprehensive product portfolio to the region’s sophisticated customer base.”
Meanwhile Burberry Group has continued its modernisation and growth pattern. Trading for the third quarter ended 31 December 2003 was up +15% on an organic basis. Retail sales were up +11% driven by new stores
Regional market performance was generally consistent with trends at the turn of the year. The US market continued its impressive growth for the brand. In Asia, Hong Kong fully recovered from the shocks earlier in the year and the South Korean business demonstrated resilience in a “volatile” environment. In Europe, UK market performance reflected a sluggish situation, while the continental European market continued to gain momentum.
The Group also opened four Burberry stores at the end of last year, including its first stores in Australia (Melbourne) and Malaysia (Kuala Lumpur), and additional stores in Hong Kong and Singapore. In total, Burberry remains on schedule to expand selling space by approximately +12% by the end of the current financial year.
Burberry writing instruments are licensed to Pentel, Burberry watches to Fossil, and fragrances to Inter Parfums.
