Burberry Group News: Why BURBY Stock Is Rocketing Higher Today
Burberry Group (OTCMKTS:BURBY) is having an impressive day thanks to Riccardo Tisci, propelling shares forward more than 10%.
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The luxury fashion house — based out of the United Kingdom — garnered serious traction Tuesday as comparable store sales gained 4% during its latest three-month quarter that lasted through June. This figure is double the amount analysts projected, a successful surge that can be partially attributed to Tisci’s new collections.
The Italy fashion designer joined Burberry last year following a successful sting with Givenchy, where he brought in a notable double-digit percentage growth. Tisci entered the Burberry fold with a bang, bringing a new monogram print on store fronts, billboard, duffel bags and other products, succeeding with the youth.
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The man has a pulse on the youth, as evidenced by his strong social media presence, as Tisci’s Instagram account has about 2.4 million followers. During Burberry’s latest quarter, sales in mainland China increased in the mid-teen percentages, also topping Wall Street’s guidance.
The company CFO in Julie Brown said the monogram attained positive reactions in China. “We’ve attracted more millennials with that range.”
Tisci also contributed to the brand with a more swanky and preppy version of the British style, which has been integral to the Burberry comeback.
BURBY stock is soaring 12.8% today, marking its best trading day in about seven years.
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