Sad news for all the Burberry lovers in Spain.
The plaid label has decided to stop producing its exclusive and lower priced designs for the Spanish market following the 2010-2011 autumn/winter collection.
Shore Capital analyst Kate Calvert explains:
“Spain has been the Achilles’ heel for Burberry for a number of years. Up until 2000, Spain was run under license and the brand became overexposed. We believe that management has dealt with the decline well and that both strategically and financially this is the right decision for the brand.”
As result of the closing, 300 jobs will be cut.
Que triste.
[Image via AP Images.]
Feb 18, 2010 15:00pm PDT
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