While Burberry has benefited from the post-Brexit currency slide, it is certainly not succeeding on all fronts. As tourists flock to the U.K. to snap up substantially cheaper luxury goods, thanks to the Brexit-induced currency gyrations, one thing they will not be getting their hands on? An “it” bag from Burberry. Why? Because such a thing does not exist.
As Bloomberg aptly noted recently, an “it” bag-less Burberry “is in need of a revamp as big as Gucci’s early last year. The Kering-owned brand’s pick of little-known designer Alessandro Michele as creative director seems to have worked – slippers and double G handbags are fashionable again.”
The publication went on to note, “Where Burberry has been more innovative, it has paid off. Cutting-edge products sold better than the classics” in recent seasons. Adding a few truly covetable bags to the line up would go a long way. And while the house has been in something of a funk in recent years thanks to a lack of leadership on the business side – creative director Christopher Bailey has been serving in the dual role of chief creative and CEO – Marco Gobbetti is slated to take the chief executive role next year.
Coming from Celine, which has won over the upper echelon of the market with its pricey minimalist bags, Gobbetti will likely demand that Burberry push out its offerings in this respect. “It” bags can take a brand far in terms of the bottom line, after all.