Competitive benchmarking solution Retviews’ real-time data, dives into the leading luxury brand’s international average price points and indicates that, when indexing Burberry’s prices on the brand’s UK market average price, the United States, Korean, Japanese, and Chinese markets are all higher than in the UK, with Burberry China standing at an average price point 24% higher than in the UK. The Asia Pacific region also showcased a strong 16% revenue growth throughout the 2020-2021 period, where other regions such as the Americas, Europe, the Middle East, and Africa faltered.
Could the British brand further elevate its offer with an increase in prices, taking into account the higher price within the Chinese and Korean market, and the same regions also reporting full-price retail growth of 37% and 66%, respectively, in the last quarter, in comparison to the same time period in 2020.
Towards High End Luxury
Burberry has made strong progress in elevating its brand’s offer and upgrading its retail strategy, as the brand has boosted its leather goods assortment successfully and shown strong growth in the category, as well as its heritage category of outerwear. Nevertheless, the brand still has not reached the high-end price point of its competitors. Can the brand bring its pricing strategy higher up-market, to match leather goods specialists? Brands like Bottega Veneta have been able to successfully reinvent themselves, whilst sticking to their brand DNA. As Jonathan Akeroyd is soon to stand at the helm of Burberry and further elevate the brand, will it stick to its heritage, or will we be seeing a new face of Burberry?
Leading fashion brands are able to monitor competitor strategies and see how they differ from other brands in order to optimize their assortment, pricing and discount strategies and thus maximize margins, with the automated benchmarking solution Retviews, whose real-time data allows brands to stay on top of the industry.
Find out how Retviews can help optimize your brand’s strategy and save time with automated benchmarking.