业绩回正的Burberry，不再押注年轻人

Core Insights - Burberry has shown signs of recovery in its financial performance, with a reported revenue of £1.032 billion for the first half of the 2026 fiscal year, despite a slight year-on-year decline. Adjusted operating profit reached £19 million, a significant improvement from a loss of £41 million in the same period last year [6][8] - The brand's performance in the Greater China region has improved, with comparable store sales increasing by 3%, ending a year-long decline. The CEO noted a 129% increase in natural reach and a 10% growth in repeat customers in China [7][8] - Burberry's strategic shift under new CEO Joshua Schulman focuses on returning to its classic British style and core products, particularly trench coats and scarves, moving away from a previous high-end positioning that emphasized expensive leather goods [9][11] Financial Performance - Burberry's revenue for the 2025 fiscal year fell by 17% to £2.46 billion, with adjusted operating profit plummeting by 94% to £26 million. The brand faced significant challenges, including being removed from the FTSE 100 index after 15 years [8][9] - The brand's inventory issues have been highlighted, with a 9% decrease in total inventory for the 2025 fiscal year, despite ongoing reliance on discount channels to clear excess stock [18][22] Strategic Changes - The "Burberry Forward" strategy aims to refocus the brand on its heritage and core products, with a notable shift in pricing strategy for leather goods, including a 22% price reduction on the Knight handbag [9][11] - Burberry is also restructuring its internal operations, including a significant workforce reduction and simplification of its management structure, with regional presidents reporting directly to the CEO [13][15] Market Positioning - The brand is moving away from targeting only trend-driven consumers and is instead focusing on regaining high-net-worth individuals and middle-class consumers who appreciate classic products [27][30] - Burberry's recent marketing efforts have included a cautious approach to selecting brand ambassadors, aiming to attract a more diverse customer base while still appealing to younger generations [30][32] Inventory Management - Burberry's approach to outlet stores has shifted from closure to optimization, recognizing the importance of these channels in the current economic climate. The brand reported a 1%-5% increase in sales from outlet channels, contrasting with a 12% decline in full-price store sales [17][24] - The brand's strategy includes tightening inventory management and reducing discounting practices, with a focus on maintaining brand integrity while addressing consumer demand for value [18][25]