Luxury goods retailer Burberry yesterday outlined plans for a rapid expansion of its retail outlets in the US. Financial Times
Reporting flat profits, the 151-year-old manufacturer of raincoats, handbags and accessories said it regarded the US market as 'under-penetrated' and planned to open ten new stores there in the current year, bringing the total to 50.
Stacey Cartwright, finance director, said: 'There are still further opportunities beyond that in the US and if you look at our peers they have between 70 and 100 stores there. We would be targeting those sorts of numbers.'
The group plans to expand selling space by 13% in the coming year and will open 20 new stores, 10 in the US. 'The majority of space expansion will be concentrated in the US and European markets,' the retailer stated.
It added that most of the £60m earmarked for capital expenditure would be spent on its shops, including the renovation of about 20 'high-visibility' stores.