End of the 最高の-rich にわか景気?: Why the good times at Burberry have shuddered to a 停止（させる）

By Rupert Steiner for the Daily Mail

Updated: 13:13 BST, 12 September 2012

It was only ever going to be a 事柄 of time before the 下降 permeated through to the 最高の-rich.

Since the beginning of the 後退，不況 the world’s biggest 高級な goods 会社／堅いs had appeared 免疫の to the 経済的な 条件s 乱打するing their more 歩行者 競争相手s. But that all （機の）カム to a 衝突，墜落ing 停止（させる） yesterday.

Burberry’s first 利益（をあげる） 警告 since the demise of 投資 bank Lehman Brothers in 2008 sent a shock wave through the 部門, wiping more than 21 per cent, or £1bn, off its market value.

The 収入s 警報 is 存在 seen as a （疑いを）晴らす signal the wheels have come off the 高級な goods 部門’s diamond-encrusted shopping trolley.

競争相手s LVMH, PPR ? the 会社／堅い behind Gucci ? and Cartier-owner Richemont all saw their 株 宙返り／暴落する as the quintessentially British 会社／堅い, famous for its raincoats decked out in a camel, red and 黒人／ボイコット check, 警告するd underlying sales have fallen in all of its markets over 最近の weeks. Even 中国, the powerhouse of growth for the 高級な goods market, has been 影響する／感情d.

British tennis player Laura Robson arriving for the Burberry Catwalk show during London Fashion Week last year

Burberry has been 傷つける by より小数の of its 豊富な 顧客s travelling abroad to indulge in high octane shopping trips.

不確定 over the eurozone 負債 危機 has also knocked 消費者 信用／信任 and the rich in 中国 are spending いっそう少なく as 輸出（する）-led Asian economies slow 負かす／撃墜する 予定 to 契約ing 需要・要求する.

It’s a powerful cocktail of gloom that is beginning to filter through to the tills.

Burberry said total sales grew 6 per cent for the 10 weeks to September 8 but this was 予定 to its 積極的な 拡大 計画（する）.

Underlying sales from the same number of 蓄える／店s open as the previous year, and 除外するing new space, were flat.

That 代表するs a 示すd 減産／沈滞 from first-４半期/4分の1 小売 歳入 growth of 14 per cent and 類似の 蓄える／店 sales up 6 per cent.

It also 公式文書，認めるd a ‘deceleration in 最近の weeks’ and 警告するd: ‘Burberry 現在／一般に 推定する／予想するs adjusted 利益（をあげる） before 税金 for the 12-months to March 31 2013 to be around the lower end of market 期待s.’

The 株 fell 287p to 1088p yesterday.

分析家s had 推定する／予想するd Burberry to 地位，任命する pre-税金 利益（をあげる） for the year to March 2013 of between £407m and £451m with a 合意 of £433.2m, によれば Reuters.

The 小売 group’s 財政／金融 director Stacey Cartwright said the 会社／堅い is not alone in taking a 攻撃する，衝突する to 収入s: ‘高級な has been 絶縁するd from the 下降 but it is certainly not 免疫の and we don’t believe we are alone.

‘We 選ぶ up 貿易（する）ing 傾向s on the ground and know others, not everyone, but others have been 衝撃d. This is not just about Asia and 中国, the last couple of weeks we have seen a 減産／沈滞 in 貿易（する）ing ? underlying sales slipping into 消極的な 領土 ? in Asia, Europe, and the Americas.’

Iconic: The Burberry pattern

So could this be the beginning of the end for the 高級な players?

During the past few years bling has been in.

Asian markets have driven growth, 特に 中国 and Hong Kong, but also Latin America, 特に Brazil and Mexico.

The Chinese market is undoubtedly 円熟したing but it is still growing 4-5 times more than America and Western Europe. In May 管理／経営 協議するing 会社／堅い Bain 警告するd that ‘設立するd brands are starting to see flattening like for like growth’ and that has now been borne out.

However it doesn’t mean the 根底となる drivers behind the long 称する，呼ぶ／期間／用語 growth of the 部門 are dead.
Sam Hart, an 分析家 at 仲買人 Charles Stanley, said the 重要な drivers of growth remain.

‘There are rising 使い捨てできる incomes amongst 拡大するing middle-class 全住民s in 現れるing markets, a growing number of high 逮捕する 価値（がある） individuals; the rising spending 力／強力にする of working women; and a growing propensity to travel,’ he said.

Trademark: Eddie Redmayne and Cara Delevingne in a 最近の Burberry 広告 （選挙などの）運動をする wearing the 会社／堅い's iconic raincoat

‘Burberry is 井戸／弁護士席 placed to 利益 from the 傾向, given its iconic brand and 活動／戦闘 存在 taken to てこ入れ／借入資本 the franchise into new 製品 areas. 明確に, however, 需要・要求する for 高級な goods is 存在 held 支援する in the short 称する，呼ぶ／期間／用語 by the uncertain 全世界の 大型の-経済的な 環境.’

長，指導者 (n)役員／(a)執行力のある Angela Ahrendts said yesterday she has taken tight 支配（する）／統制する over costs and taken ‘appropriate 活動／戦闘s to 保護する short-称する，呼ぶ／期間／用語 profitability’.

This won’t mean the American is taking the axe to the £200m （ーのために）とっておくd for new 事業／計画（する）s which 含む a second Knightsbridge 蓄える／店 in London.

But she will put a cap on (n)役員／(a)執行力のある travel costs, 雇うing 付加 staff, and spend on new IT 事業／計画（する）s.

The 未来 for Burberry seems to be a period of cutting its coat によれば its cloth.

It will be something of a new 概念 for the fashion house after enjoying the 高級な of a period of stellar growth.

It remains to be seen whether it will be enough.