What is the story about?
What's Happening?
Burberry is undergoing a significant marketing overhaul under the leadership of CEO Joshua Schulman. The brand is focusing on a relatable version of Britishness, aiming to appeal to a global audience. Schulman has criticized previous product and pricing decisions, describing them as having a 'niche aesthetic' that was not widely recognizable as Burberry. The brand's new strategy includes social media campaigns featuring celebrities like Olivia Colman and Liam Gallagher, emphasizing British heritage and classic designs. Burberry's shares have increased by 50% since Schulman took over, and the brand is expected to return to sales growth in the upcoming quarter.
Why It's Important?
The changes at Burberry are crucial for the brand's future, as it seeks to regain its position in the luxury fashion market. By aligning its marketing strategy with global consumer preferences, Burberry aims to increase its market share and revenue. The involvement of high-profile celebrities in its campaigns could enhance brand visibility and attract a broader audience. The anticipated return to sales growth is a positive indicator for investors and stakeholders, suggesting that Schulman's strategy may be effective in revitalizing the brand.
What's Next?
Burberry will continue to test its new marketing strategy during the autumn and winter months, which are critical for revenue generation. The brand's performance in these seasons will be a key indicator of the success of Schulman's overhaul. Additionally, the relationship between Schulman and creative director Daniel Lee will be closely watched, as it could impact the brand's design direction and overall business strategy.
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