Burberry suffers on Chinese confidence

Shares in FTSE 100 fashion house Burberry (LON:BRBY) fell by 1.17% to 1,993.50p (as of 15:15 GMT) as it said that 24 of its mainland Chinese outlets have been closed due to coronavirus. The remaining branches are seeing lower footfall and reduced opening hours.

CEO Marco Gobbetti commented: “The outbreak of the coronavirus in Mainland China is having a material negative effect on luxury demand. While we cannot currently predict how long this situation will last, we remain confident in our strategy. In the meantime, we are taking mitigating actions and every precaution to help ensure the safety and wellbeing of our employees. We are extremely grateful for the incredible effort of our teams and our immediate thoughts are with the people directly impacted by this global health emergency“.