Burberry witnesses sales boost in China following relaxation of restrictions


Joe Baker
Joe Baker
Senior Copywriter
Joe is a Senior Copywriter working on reports, news and analysis. Previously, he worked as a B2B copywriter, journalist and editor covering a broad range of topics, including technology, transport,… Read more
  • Burberry, a global designer fashion brand, concluded the 2023 financial year with a strong performance, boosted by the Chinese market.
  • Burberry’s revenue rose 10% year-on-year, surpassing the £3bn mark, and is set to rise to £5bn.
  • The company’s increased profits strongly suggests that China’s overseas luxury market is flourishing.

The Burberry Group, a global designer fashion label founded in England in 1856 and known for its classic ‘Burberry Check’ fabric, plans to raise its medium-term revenues to £4bn after a successful financial year.

Financial results released in May have hinted at the predicted growth of Burberry’s profits. Other high-end luxury fashion brands, such as LVMH and Hermes Group, are also set to see a growth in profits, thanks, in part, to China’s overseas luxury goods market.

In recent months, the interest in luxury items from high-end brands such as Burberry has grown dramatically, and China’s lifting of strict trading regulations has aided this growth in popularity. Notably, Burberry’s revenue was boosted in Q4 of 2023 due to the recovery in mainland China, where sales surged by 13%.

The Asia region is once again ranking as Burberry’s primary revenue location, representing more than 40% of the company’s total sales.

With the increase in growth abroad, high-net-worth individuals (HNWIs) interested in purchasing luxury goods from overseas should utilise a safe money transfer service to ensure the security of their luxury purchases.

HNWIs must access a dependable international payment service when purchasing from Asia’s luxury goods market.

Alongside Burberry, prominent designer LVMH Moët Hennessy Louis Vuitton reported a vast growth in overseas luxury purchases. LVMH reported a €79bn in sales last year, with the majority of sales associated with its Fashion & Leather Goods business.

Asia (excluding Japan) accounted for 36% of LVMH’s total sales in Q1 2023. This 17% increase year-over-year again suggests that the Chinese luxury goods market is booming.

This figure also saw its most significant contributor come from the Asia-Pacific region, accounting for an impressive 60% of total. During Q1, revenues soared 23% year-over-year, totalling €3.38bn.

For HNWIs looking to purchase luxury fashion from overseas, our money transfer comparison tool is an efficient and easy-to-use method of comparing money transfer rates.

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