Tuesday 16 July 2019 9:03 am

Burberry shares soar as customers welcome new designer's collections

Iconic British fashion brand Burberry boosted sales as new designs by creative chief Riccardo Tisci were snapped up by customers.

Shares in the FTSE 100 firm were up 8.26 per cent this morning following the first quarter trading update.

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Retail revenue in the quarter to the end of June was £498m up from £479m the previous year. 

New products delivered double digit growth, with sales in all regions ahead of the previous year, as the luxury brand pushed Tisci designed items in stores. 

In June the proportion of new products was around 50 per cent of store items compared to just 10 to 15 per cent in March. 

Under the transformation plan, the company has redesigned 23 stores to “align to the new creative vision”.

Burberry said “customers responded positively to the new aesthetic and house codes”.

Tisci joined the firm in March last year as the heritage brand aimed to transform its image. His appointment received some backlash after he overhauled Burberry’s logo and monogram in a bid to boost sales.

Chief executive Marco Gobbetti said: “This was a good quarter in our multi-year journey to transform Burberry.

Read more: Burberry shares fall as transformation plan takes its toll on growth

“We increased the availability of products designed by Riccardo, while continuing to shift consumer perceptions of our brand and align our network to our new creative vision.

“The consumer response was very promising, delivering strong growth in our new collections. We are on track with our plans and we confirm our outlook for FY 2020.”

Main photo image: Getty