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Burberry’s bag business “outperforms”

Luxury group Burberry has reported preliminary revenues for the full year of trading to March 31, 2017, of just under £2.8 billion. This figure represents an increase year on year of 10%. Burberry’s profit before tax in this most recent financial year was £394.8 million, 5% down on the corresponding figure for the year before.

Its accessories business did well, bringing in revenues of just over £1 billion in this most recent financial year, growth of 15%. The company described its “strength in leathergoods” as one of its key revenue drivers and said its bags business, which has “a new shape strategy” had “outperformed” with double-digit growth.

Former Céline chief executive Marco Gobbetti will become the new chief executive of Burberry in July. Christopher Bailey, who has been creative director and chief executive, will become Burberry’s president and will concentrate mainly on his design role.

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