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British luxury fashion company Burberry destroyed unsold clothing, accessories and perfume for 28.6 million pounds last year to protect its brand, the BBC reported. The amount is 6% higher than the value of the products that it liquidated during the previous fiscal year.
Fashion companies around the world, including Burberry, destroy unsold merchandise every year to prevent them from being stolen or sold cheaply.
Burberry said that the energy generated by the combustion of its products in 2018 has been absorbed to make the action as environmentally friendly as possible. They also point out that this year the operation was unusually important as it was supposed to destroy a huge amount of perfume after Burberry signed an agreement with the American company Coty. Since Coty will produce a new fragrance, Burberry had to get rid of 10 million pounds of old products – mostly perfumes.
The fashion brand is undergoing a change in order to generate more customer interest in the next few years.
This includes introducing high-priced segment products to new customers, closing stores at strategic locations and creating a "superb center" for its luxury leather goods. In addition, the company has reduced costs, which has helped to increase profits.
During the last fiscal year up to March 31, Burberry announced a 5% gain in its profits, up to 413 million pounds sterling, with slightly altered sales, of $ 40 million. worth £ 2.7 billion.
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