Burberry (LON:BRBY) is launching monthly product releases in a bid to keep clients interested, the blue-chip retailer has said. The move comes with the luxury goods group looking to boost its sales after it appointed its new chief creative officer Riccardo Tisci earlier this year.
Burberry’s share price fell in the previous session, giving up 1.53 percent to close at 1,734.50p. The shares underperformed the broader UK market, with the benchmark FTSE 100 index gaining 0.48 percent to end trading at 7,029.22 points, as the pound slipped on the back of a deadlock in the talks between the UK and the EU. This morning, the shares are trading about 0.50 percent lower as compared with about a 0.03-percent dip in the Footsie.
Burberry launches B Series
Burberry announced in a statement yesterday that it will be launching monthly product releases on the 17th day of every month, as part of its plans to excite customers with new deliveries and frequent communication. The monthly releases will be called B Series and will be designed by the group’s chief creative officer Riccardo Tisci. The first release will feature unisex white T-shirts and sweatshirts with the brand’s new monogram, and will be available for 24 hours through social media channels like Instagram.
More targeted collections
Reuters noted in its coverage of the news that the move comes after the luxury goods retailer said in September that a plan to create more targeted collections would help it limit waste, after it came under fire for destroying almost $40 million in stock last year.
The update also comes as RBC Capital Markets removed Burberry from its list of large-cap stocks it would sell short, with the luxury goods retailer having fallen 21 percent since the end of August.