{"id":12837,"date":"2024-10-02T06:35:47","date_gmt":"2024-10-02T06:35:47","guid":{"rendered":"https:\/\/topat10.com\/?p=12837"},"modified":"2024-10-02T06:35:47","modified_gmt":"2024-10-02T06:35:47","slug":"burberry-brand-value-plunges-42-as-group-threatens-to-become-long-term-victim-of-the-luxury-slowdown","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=12837","title":{"rendered":"Burberry brand value plunges 42% as group threatens to become long-term victim of the luxury slowdown"},"content":{"rendered":"\n

Burberry\u2019s brand value has plunged in the last year as the company fights the dual challenges of a luxury downturn and a disastrous internal turnaround plan.<\/p>\n

\n

Kantar\u2019s annual BrandZ ranking of brand values saw Burberry lose nearly $2 billion in brand value compared with 2023. The group was the second biggest faller among a ranking of the U.K.\u2019s 75 most valuable brands, behind financial advisor St. James\u2019s Place.<\/p>\n

The luxury industry is fighting a downturn that has been felt across the board, as buyers reign in \u201crevenge shopping\u201d that bounced after the COVID-19 pandemic, while the richest proved they weren\u2019t completely insulated from the cost of living crisis.\u00a0<\/p>\n

LVMH\u2019s Bernard Arnault was bumped from his title of the world\u2019s richest man to as low as the fifth richest<\/a> after LVMH\u2019s shares faced a wipeout. Swiss watchmakers were similarly affected and forced to put their staff on state-funded furlough<\/a> amid a downturn.<\/p>\n

The luxury downturn \u201cmakes it all the more important that these brands really stand out from the competition\u2014both from high end and the high street\u2014in a way that is relevant and meaningful to shoppers to justify their prices. That\u2019s something Burberry has struggled to do this year,\u201d says Adele Jolliffe, head of brand consultancy, insights division at Kantar.<\/p>\n

Burberry\u2019s struggles<\/h2>\n

Unfortunately for Burberry, the luxury downturn coincided with continued internal struggles with a stuttered and drawn-out turnaround plan.\u00a0<\/p>\n

The U.K. luxury brand has halved in value through 2024. In July, the company ousted CEO Jonathan Akeroyd<\/a> after issuing its third profit warning of 2024. It also suspended its dividend, causing shares to plunge.<\/p>\n

Akeroyd inherited a struggle many of his predecessors also failed to topple, namely a dreaded rebrand to shift it from mid-end to high-end luxury.<\/p>\n

Burberry reportedly began laying off<\/a> hundreds of employees in July as investors sold off shares in the company.<\/p>\n

Dan Coatesworth, an investment analyst at AJ Bell, said in September that the company was vulnerable to a takeover due to its falling valuation.<\/p>\n

The company was booted out of the FTSE100<\/a>\u2014the premier club for the U.K.\u2019s biggest stocks\u2014in August after months of declines in its valuation.\u00a0<\/p>\n

After it was knocked off the FTSE100 in August, Jelena Sokolova, a senior equity analyst at Morningstar, gave her insights<\/a> into Burberry\u2019s decline.<\/p>\n

The key reasons for Burberry\u2019s tumbling valuation were \u201chigh exposure to slower growing apparel and relatively small exposure in terms of revenue to iconic outerwear products,\u201d said Sokolova.<\/p>\n

\u201cAn unsuccessful push into fashion-forwardness with three creative director changes over the last 10 years and a failed push into leather goods, [which is a] very competitive area with strong established players where Burberry\u2019s brand is not strong enough.<\/p>\n

\u201c[Then there\u2019s] recent price hikes coinciding with a slowdown in luxury buying and a special weakness of aspirational consumer.\u201d<\/p>\n

Kantar\u2019s BrandZ ranking tracks how a brand is perceived in shoppers\u2019 eyes, suggesting Burberry\u2019s turnaround plan is not landing so far.\u00a0<\/p>\n

Sokolova still sees value in the company, spurring hopes it can recover from its drawn-out rough patch.<\/p>\n

\u201cHistorically, luxury downturns have not lasted longer than one to two years and Burberry has a chance to reinvent itself through a renewed focus on key outerwear collections and more affordable ranges.\u201d<\/p>\n

A representative for Burberry didn\u2019t immediately respond to Fortune\u2019s<\/em> request for comment.<\/p>\n

While Burberry declined in this year\u2019s ranking, other retailers, including Marks & Spencer, experienced a boost in the eyes of shoppers. M&S realized a 38% in brand value compared with 2023.\u00a0<\/p>\n

Kantar\u2019s Jolliffe said M&S was seeing \u201csignificant improvements in how people view the brand across both grocery and fashion,\u201d including a positive shift in how shoppers think about its clothes compared with competitors.<\/p>\n

\u201cWe\u2019re seeing the business case for brand building being championed more and more as boardrooms realise just how important it is in driving profitable, long-term growth.<\/p>\n

\u201cWhat needs to come now is an emphasis on building brands in the right way and that\u2019s where marketers can really prove their worth.<\/p>\n

\u201cAs this year\u2019s ranking shows yet again, it is the brands which differentiate themselves in a meaningful way with consumers who triumph.\u201d<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Burberry\u2019s brand value has plunged in the last year as the company fights the dual challenges of a luxury downturn and a disastrous internal turnaround plan. Kantar\u2019s annual BrandZ ranking of brand values saw Burberry lose nearly $2 billion in brand value compared with 2023. The group was the second biggest faller among a ranking […]<\/p>\n","protected":false},"author":39,"featured_media":12838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-12837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nBurberry brand value plunges 42% as group threatens to become long-term victim of the luxury slowdown | Unlock Informed Choices with Us<\/title>\n<meta name=\"description\" content=\"Burberry was the second-biggest faller in Kantar's BrandZ ranking of brand value of 75 U.K. companies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/topat10.com\/?p=12837\" \/>\n<meta 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Hogg","author_link":"https:\/\/topat10.com\/?author=39"},"uagb_comment_info":0,"uagb_excerpt":"Burberry\u2019s brand value has plunged in the last year as the company fights the dual challenges of a luxury downturn and a disastrous internal turnaround plan. Kantar\u2019s annual BrandZ ranking of brand values saw Burberry lose nearly $2 billion in brand value compared with 2023. 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