China’s Glass Ceiling
A shudder was sent through the luxury fashion industry this week as Burberry lost £1bn of its market value. The main reason: China’s slowdown. With spectacular growth and sales in the asian market over the past few years, and despite the global recession, the world’s most powerful fashion brands had projected ever increasing profits. Burberry’s shares were at a record high earlier this year, but yesterday’s announcement of the declining market saw £1bn wiped off the groups share price.