London based Luxury Brand Burberry reported a 1 percent drop in annual earnings. Due to unfavorable and uncertain currency market conditions, the Pound sterling has gained against the euro and yen in the past year, affecting the profits of the company. The company has lowered the price of certain coats in China and increased the prices of Handbags in Paris to even out the pricing across the globe and in defense of declining sales in Asia Pacific, stated Chief Executive Officer Christopher Bailey.
It has lowered its forecasts for this year’s earnings and will also start focusing on strong domestic and traveler demand in Europe and the U.S as a measure. Read the full article here