CHECK OUT POSH PUSH
Upmarket fashion firm Burberry wants to be even more posh.
The trench coat maker, whose adverts star top model and actress Cara Delevingne, is to close shops in areas it thinks aren’t wealthy enough.
Outlets in department stores will also be ditched. The move is part of new boss Marco Gobbetti’s plans to take Burberry further upmarket. Gobbetti said he wanted Burberry to be “firmly in luxury”. But investors gave his plans a big thumbs down resulting in a near 10% crash in Burberry’s share price yesterday.
The sell-off of shares came despite the firm announcing a 26% leap in its half-year profits.