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The Guardian
a day ago
- Business
- The Guardian
Festivalgoers help drive Burberry to best sales performance in 18 months
Shoppers snapping up Burberry wellies, scarves and light jackets to wear at music festivals have helped the fashion brand to its best sales performance in 18 months despite lacklustre spending by tourists around the world. Sales of the luxury British brand fell 2% to £433m in the three months to the end of June, with a 1% decline at established stores, an improvement from the 6% fall in the previous quarter and the best performance since Christmas 2023. Shares in Burberry rose more than 4% on Friday morning on the better-than-expected performance, as Joshua Schulman, who was appointed a year ago, attempts a turnaround. Sales rose in Europe and the Americas but continued to fall in Asia, including its all-important Chinese market, which accounts for 30% of sales. Schulman, the former boss of the US fashion brand Coach, said: 'Its a tough macro [environment] out there and we are taking things step by step but we are optimistic about the quarters ahead and the business in general.' He said the company had appealed to 'elite VIP' customers with events linked to its partnership with King Charles's Highgrove estate and also to a younger luxury customer through festival-linked pop-ups featuring DJ sets located in shopping centres. A trial of dedicated 'scarf bars' within stores have also gone well and the company plans to install 200 in total. 'We are appealing to a much broader range of luxury consumers,' he said. Adam Cochrane, an analyst at Deutsche, said further growth was largely dependent on Burberry's ability to 'replicate the success' of its core products in other areas. The company said it was 'still in the early stages of our turnaround' with aims to continue simplifying the business and improving productivity and cashflow. It expects to achieve £80m of its planned £100m cost cuts this financial year, with the remainder next year, and has already reorganised the business under four regional heads. The company said in May it was cutting up to 1,700 jobs, including an entire shift at its Yorkshire raincoat factory, in an effort to make £60m in cost savings on top of a £40m savings programme announced in November. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Schulman said Burberry's autumn ranges were being 'well received', although the external environment 'remains challenging. Over the past year, we have moved from stabilising the business to driving Burberry forward with confidence. 'The improvement in our first quarter comparable sales, strength in our core categories, and uptick in brand desirability gives us conviction in the path ahead,' he said. He called on the UK government to implement policies that would 'encourage tourism' as he said: 'International consumers are not shopping in the UK to the extent we would like due to the lack of a VAT refund scheme.' The scheme was phased out under the last government. 'All luxury brands and all retail brands would benefit from that,' he said.
Time of India
06-07-2025
- Entertainment
- Time of India
Apoorva Mukhija compares India's Got Latent backlash to Rhea Chakraborty's experience: 'It's the audience that views, shares, and mocks this content'
Content creator Apoorva Mukhija, popularly known as The Rebel Kid, recently opened up about facing intense public scrutiny and media trial after her controversial appearance on Samay Raina's India Got Latent show just a few months ago. Alongside Ranveer Allahabadia, Apoorva had come under fire for alleged inappropriate remarks that triggered mass outrage and multiple FIRs. While legal proceedings are still underway, Apoorva is now shedding light on the aftermath of the backlash, particularly the media narrative and public response, which, she says, reminded her of what Rhea Chakraborty went through after the death of Sushant Singh Rajput . 'It's the audience that allows them to keep doing it' Speaking to Bollywood Bubble, Apoorva called out the public's role in fuelling sensationalist content and encouraging toxic coverage. Referring to the way Rhea was mobbed outside court during her own media trial, Apoorva said the cycle is perpetuated because of the demand for viral, clickable content. 'Look at the amount of views those videos have. People like us give them the right to do this. That sort of gives them the right to do this. It's the audience that views this content, shares it, and mocks it. That content is what allows them to keep doing it over and over again,' she said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Deutsche Gründer brauchen Sie: Investieren Sie in innovative Ideen Mehr erfahren Undo Apoorva Mukhija Evicted After 'Latent' Controversy | Chaos, Police & Silent Exit Public reaction fuels toxic trends, says Apoorva According to Apoorva, the consistent attention, whether in the form of outrage, mockery, or curiosity, is what keeps such content alive. She suggested that as long as the public continues to engage with these stories, creators and platforms will keep producing them. Despite the trolling, criticism, and emotional toll, Apoorva maintains a reflective and composed stance. When asked how she remains strong, she responded with a mix of acceptance and humour: 'I mean, it's a combination of everything, honestly. I've just had a lot of experiences, but experiences are just stories; they make for great story times. So it's okay.'
Business Insider
18-06-2025
- Business
- Business Insider
Stocks are at risk from the Iran-Israel conflict. Here's how quickly the S&P rebounded from the greatest shocks since WWII.
The S&P 500 has shrugged off Israel's conflict with Iran so far, trading only 1% lower as of Tuesday's close. Even if the benchmark stock index does slide, history suggests it will come roaring back. "The escalation in the Middle East brings into focus the playbook for geopolitical shocks and risks, which entails sharp equity selloffs, which is intuitive, but also surprisingly quick recoveries, which is not," Deutsche Bank Research strategists Parag Thatte and Binky Chadha said in a recent note. "The typical pattern is for the S&P 500 to pull back about -6% in 3 weeks but then rally all the way back in another 3," they wrote, attaching a table showing how the index has fared during 32 previous geopolitical events. Jim Reid, Deutsche's global head of macro research, said in a note this week that a stronger market reaction could be sparked by direct US involvement in the clash or targeting of Iran's oil production or shipping infrastructure — or Iran deciding to close the Strait of Hormuz, which accounts for 20% of global daily trade flows. Bouncing back The Deutsche strategists' table offers a fascinating look at how the stock market has reacted to many of the most significant geopolitical events of the past century. The S&P, and the index that preceded its launch in 1957, has only crashed more than 20% following two geopolitical incidents. It fell about 21% after Adolf Hitler's Germany annexed Czechoslovakia in March 1939, and by 26% after the Nazis invaded France in May 1940. The benchmark tumbled more than 15% after the Israel-Arab War broke out in October 1973, prompting an oil embargo that blocked crude exports to the US and other nations, and after the First Gulf War began in August 1990. The S&P tanked by more than 10% on four occasions: North Korea's invasion of South Korea in June 1950, the 9/11 attacks in September 2001, Pearl Harbor in December 1941, and the Iranian hostage crisis in November 1979. Taking the median event, the S&P typically falls by 6% over 17 trading days and then rebounds fully over the next 16 trading days. It tends to rally nearly 15% from its trough over a 12-month period. However, a swift bounceback is not guaranteed. Recovering from the oil crisis of 1973 took 1,475 trading days or nearly six years, per Deutsche's table — with the S&P falling a further 28% from its trough over 12 months. The index also fell 15% from its trough in the year after the Berlin Wall was built in August 1961, and 13% in the year after President Nixon's impeachment proceedings began. At the other extreme, the benchmark soared by about 42% from its trough in the 12 months after the Israel-Hamas conflict began in October 2023. It jumped more than 30% in the year after North Korea invaded South Korea in June 1950, the Iraq War broke out in March 2003, and the Cuban Missile Crisis erupted in October 1962. It's too soon to say whether the Israel-Iran conflict will join the list of most impactful geopolitical events for the S&P. Reviewing historical market reactions may relieve investors as the index tends to recover quickly from these kinds of disruptions, though it's worth remembering the index can fall sharply and stay underwater for years.
Business Times
12-06-2025
- Business
- Business Times
Deutsche Bank's deal-making business weaker than expected, CEO says
[FRANKFURT] Deutsche Bank's origination and advisory business is not as strong as the German bank had expected, with companies postponing decisions due to the US' tariff policies, the bank's chief executive officer Christian Sewing said on Thursday (Jun 12). He said at a financial conference that the deal-making business would be weaker in the second quarter than executives had planned for at the start of 2025. 'Will it be weaker than we initially thought? Yes. But, to be honest, we talk about a lot of delayed, but not cancelled, deals,' he said. Deal-making has slowed this year as US President Donald Trump's tariffs on trading partners fanned turmoil in markets and sparked concerns about slowing economic growth. Other big banks, including Bank of America, have also warned of a slowdown in the business. For Deutsche, the so-called origination and advisory revenue, after making big gains in recent quarters, fell by 8 per cent in the first quarter. Sewing said that revenue in the investment bank's much larger fixed-income and currency business will be up in the second quarter, compared with the previous year. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up He said he was optimistic about Deutsche's other business lines, such as its corporate and retail banks, and that the bank was sticking to its targets. This is a crucial year for Deutsche Bank, Germany's largest lender, as it faces a deadline to meet ambitious goals on costs and profitability. Asked about the prospect of mergers and acquisitions as banks in Italy and Spain weigh consolidation, Sewing replied that Deutsche 'can grow organically'. 'I'm not looking so much at consolidation for Deutsche Bank,' he said. REUTERS
Yahoo
10-06-2025
- Business
- Yahoo
Deutsche Bank raises global growth outlook for 2025 though sees headwinds ahead
-- Deutsche Bank raised its global GDP growth forecast for 2025 to 2.9%, citing trade de-escalation and stimulus policies across major economies, though it warned that geopolitical risks and elevated tariffs remain key challenges. In the U.S., Deutsche now expects 1.6% growth in 2025, up from previous forecasts, supported by improved financial conditions and potential policy support including tax cuts and extensions of the 2017 tax law. The bank sees unemployment averaging 4.3% and inflation pressures persisting, with core PCE forecast to end the year at around 3.5%. Despite a high effective tariff rate of 17%, the highest in decades, Deutsche expects this to decline toward 15% and views the overall economic impact as manageable. A fiscal package expected in July could further support demand, combining household tax cuts with long-term spending reductions. For China, growth is now seen at 4.7% for 2025, slightly above earlier estimates. The bank said policy easing and fiscal stimulus would continue in a more measured form, including a reserve ratio cut by year-end. However, the outlook is tempered by the assumption of persistent U.S. tariffs on Chinese goods through at least 2025. The euro area growth forecast was revised up to 0.8% for 2025 and 1% in 2026, driven by higher defense spending and stronger credit growth amid rate cuts from the European Central Bank. Germany's economy is forecast to grow 0.3% in 2025, with gains accelerating to 1.5% in 2026 as fiscal policy turns more expansionary. India's growth forecast remains unchanged at 6.5% for both 2025 and 2026, supported by food price moderation and an expected U.S.-India trade deal. The global recovery remains fragile, Deutsche said, with risks tied to renewed trade tensions, elevated deficits, and geopolitical volatility. Related articles Deutsche Bank raises global growth outlook for 2025 though sees headwinds ahead Snap to launch consumer smart glasses in 2025, rivaling Meta BlackRock portfolio managers 'laser focused' on capturing market opportunities Sign in to access your portfolio
