British luxury brand Burberry is cutting 15-20 percent of its product lines, aiming to focus on its newest ranges as it battles to attract shoppers in a volatile luxury goods market. Ross Miklaszewicz reports.
They're hoping less is more. Burberry's cutting 15-20 percent of its product lines. The move follows a 24 percent drop in first-half underlying profits. The British luxury brand blames slowing growth in Asia and competition from fast-fashion chains. Burberry said in February it would move away from presenting ranges months ahead of their appearance in store. It now favours two collections a year and they'll be immediately available in shops. The label is hoping this along with a reduction in product lines will give its newest items greater prominence. And pointed to the Bridle Bag, its top seller in September. Burberry shares have been trending downward recently. They fell again after the results - but the US election was also a factor. Many luxury fashion groups took a hit from Donald Trump's victory in the United States. Burberry makes about 20 percent of its sales there. It's hoping a make-over at the White House won't be bad for business.