Advertise with fastmoving.co.za
 
 

Burberry is to stop burning millions of dollars' worth of excess stock, it announced last week.
Burberry is to stop burning millions of dollars' worth of excess stock, it announced last week.

Burberry to stop using fur and burning unsold stock

INTERNATIONAL NEWS

By Lisa Handley - Sep 11th 2018, 16:16

Burberry is to stop burning millions of dollars' worth of excess stock, it announced recently. 

The British fashion house's annual report stated that it destroyed £28.6 million ($37.1 million) of goods for the year ended March 31, 2018, an increase on the £26.9 million in its 2017 financial year.

Now it will cease the practice and is likely to donate garments to charities such as Smart Works, a U.K. organisation that provides interview clothes to unemployed women to help them get jobs.

The fashion brand will continue to work with companies such as Elvis & Kresse, a business that uses leather offcuts from Burberry products to create bags, belts and other accessories. It is also part of the Make Fashion Circular initiative that aims to make new clothes from renewable material and recycle old clothing.

The company also said it will no longer use real fur in its products. It currently sells products with fur trims, such as a wool trench coat with a fox fur collar listed at $2,195 on its U.S. site.

Burberry CEO Marco Gobbetti said in a statement emailed to CNBC: "Modern luxury means being socially and environmentally responsible. This belief is core to us at Burberry and key to our long-term success. We are committed to applying the same creativity to all parts of Burberry as we do to our products."

The announcement comes at a time of change for the 162-year-old company. Gobbetti is pushing for the firm to become a "higher luxury" fashion house, like Gucci or Hermes, and announced a 2 percent rise in full-year adjusted profit to £467 million ($604 million) in May.

Gobbetti, in charge since July 2017, hired Italian designer Riccardo Tisci as its creative director in March. Tisci replaced Christopher Bailey, who had been at the company for 17 years, and his debut collection will be shown at London Fashion Week on September 17. The company also revamped its logo, creating an interlocking TB pattern after founder Thomas Burberry, in August.

Burberry isn't the only company to destroy goods. Richemont, a maker of luxury jewellery and watches including the Cartier brand, was reported to have disposed of 481 million euros ($557.2 million) worth of goods in May to prevent them being discounted on the secondary, or "grey" market, which reduces their appeal.

CNBC 

Read more about: retailer | retail | products | fashion | burberry | brand

Related News

Shoprite targets rivers on World Cleanup Day
19/09/2019 - 14:59
The Shoprite Group has partnered with the South African Department of Water and Sanitation to host river cleanups on World Cleanup Day (21 September 2019) and everyone’s invited to join in.

Zara launches online store in South Africa
19/09/2019 - 11:58
Zara has launched its online sales in SA through its dedicated website zara.com/za. This marks an important milestone in the expansion of Zara’s integrated store and online platform into markets where it already has a store presence.

Pick n Pay launches collectable Rugby Super Cards
19/09/2019 - 11:28
Local sports fans can once again feel part of the upcoming rugby tournament thanks to the launch of Pick n Pay’s new Rugby Super Cards.

The V&A Waterfront’s Victoria Wharf is SA’s greenest shopping centre
19/09/2019 - 09:13
The V&A Waterfront’s far-reaching waste management and recycling practices has earned the property a prestigious Green Buildings Council of SA (GBCSA) 5 Star Green Star Existing Building Performance v1 certification (EBP v1) for the popular Victoria Wharf Shopping Centre – the highest rating for any existing shopping centre in South Africa.

Ackermans launches ‘Moms4Moms’ educational platform to give mothers a helping hand
16/09/2019 - 14:03
According to a 2017 Statistic South Africa report, 61% of South African children are raised by only their mothers. This reveals that the majority of South African women have to navigate single-parenthood, as well as being the sole provider for their families.