The timing is terrible for Burberry’s makeover. Over the past two years, the British fashion house has made changes to the three top roles. That includes Daniel Lee, its new creative director, whose collections have been in Burberry shops for only a matter of months.
The macroeconomic slowdown has obfuscated just how well Lee’s autumn/winter designs have gone down with fashionistas. Weakness typically hits one market at a time, rather than everywhere at once, Jonathan Akeroyd, the group’s boss, has pointed out.
Underlying shop sales during the second quarter slowed to 1 per cent, from 18 per cent in the first quarter. The average Burberry shopper might have more spending power than the typical high street customer, but inflation and higher interest rates have still
