Luxury businesses have renewed calls for the UK government to reverse its decision to end VAT-free shopping for tourists, saying Britain is losing out to other European countries as big-spenders go elsewhere.
The year to early April was a largely good one for luxury group Burberry, despite the undeniable challenges that it faced during the 53-week FY22 period and the pandemic causing problems in China during Q4.
Smythson has filed its results for the year to March 2021 with the luxury leather goods and stationery retailer saying turnover fell to £16.9 million from £27.6 million, with gross profit down to 59.9% from 64.7%.
On what should have been a day of celebration — another strong set of trading figures for last year and the launch of a new logo to mark the retailer’s 40th anniversary — Next was also forced to deliver some bad news.
Emerging and sustainable designers will get a chance to shine at London Fashion Week from Friday with major brands such as Burberry, Victoria Beckham and Vivienne Westwood either absent or sticking to digital formats.