Burberry profit soars as love affair with luxury brands continues

Source: Reuters

Burberry is stepping up spending on new stores and upgrading existing ones to cash in on a boom in demand for luxury goods, it said on Thursday, as it met forecasts with a 39 per cent leap in full-year profit.

... The 155-year-old group said it would invest £180-million to £200-million in 2011/12 ($290 to 325-million U.S.), up from £108-million in the year to end-March.

About half will go on new shops, including 20 in fast-growing emerging markets like Brazil, India and Mexico, with the rest spent on upgrading and expanding shops in flagship cities like Chicago, Milan, Hong Kong and Paris, as well as doubling selling space in the group’s home city of London.

... The global luxury goods market has continued last year’s strong recovery, defying fears it might be hit by austerity measures in Europe and steps to cool fast-growing emerging market economies.

Read more: http://www.theglobeandmail.com/report-on-business/international-news/burberry-profit-soars-as-love-affair-with-luxury-brands-continues/article2035544/

heartwarming!

We can be comforted by knowing that our riders, who deserve their luxuries, are doing well and have access to what they are entitled to. We are so gracious in our respect for the transfer of our wealth and power to those who can make the most of it, are we not?

Heck, we can eat cake.

well, sneakers it is...