When, several years ago, I last considered Burberry Group, I wondered how long this particular bubble could continue to inflate and concluded that there was no reason it should stop soon.
The reinvention of the brand over the past decade, and its penetration in fast-growing markets in Asia and elsewhere has meant a steady stream of new consumers willing to pay the sort of prices Burberry can charge. The company has also moved to get out of some licensing agreements, most recently in Japan, which allows a wider range of its goods to be sold.
That progress has been followed by the share price. Burberry shares bottomed out at less than £2 in late 2008; they have progressed in pretty much a straight line