Money

Burberry to go more up-market and shut stores

Burberry is to close stores and stop its products being sold in areas it feels are not luxurious enough, as part of a drive to take its brand even further upmarket.

The change of direction was announced just a week after the news that its top designer Christopher Bailey, the man credited with creating its luxury focus, was to leave the business.

New chief executive Marco Gobbetti, who replaced Bailey in the top job earlier this year, said he wanted to focus on leather goods and fashion and cut sales to non-luxury stores, initially in the United States.

The "re-energising" programme would then be rolled out to Europe, the Middle East, India and Africa, Burberry said.

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