Earlier this morning, luxury retailer Burberry reported earnings that after taxes rose by 26% to $415 million. Revenues were up a staggering 24% to around $2.5 billion. What's driving the growth? Asia, baby. Burberry launched flagship stores in Hong Kong, Teipei and Paris. An intereesting sign of the times: If you walk into almost every luxury flagship store stateside, you will find at least TWO people who speak Mandarin. Why? Because SURPRISE luxury sales outside of Asia and Europe are mostly driven by Chinese tourists. Want to know something else? Burberry trench coats are still a top seller. And given all the rain we've been getting on the east coast, a trench could definitely come in handy.
(YES that's me from the Art of the Trench campaign shot by my friend Scott Schuman. I really don't look like that when I am getting out the cab.)