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Annual Report 2020/21

Chairman’s Letter

“We will continue to be guided by the same commitment to doing well by doing right by all our stakeholders.”

gerry murphy

Chairman

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“We have transformed our business and built a new Burberry, anchored firmly in luxury.”

MARCO GOBBETTI

Chief Executive Officer

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CEO’s letter

Our Purpose

Creativity Opens Spaces

Creativity Opens Spaces

At Burberry, we believe creativity opens spaces. Our purpose is to unlock the power of imagination to push boundaries and open new possibilities for our people, our customers and our communities.


This is the core belief that has guided Burberry since it was founded in 1856 and is central to how we operate as a company today.

CREATIVELY DRIVEN

  • Finding beauty in every detail
  • Putting passion and creativity in everything we do
  • Committed to excellence
  • Challenging the ordinary to pursue the extraordinary

A PROUD HERITAGE

  • Inspired by our past, as we create our future
  • Globally minded, learning from others
  • Championing contrasts from royals to rebels
  • Representing Britain on the global stage

FORWARD THINKING

  • An open space for imagination
  • Free to explore, push boundaries, pioneer
  • Unafraid to stand out
  • Our creativity drives us forward

OPEN AND CARING

  • Harnessing strength in diversity
  • United to achieve common goals
  • Responsible, guided by our conscience
  • Upholding a legacy of respect and inclusivity

Financial highlights

Alternative performance measures, including adjusting measures, are defined on page 53 of the Annual Report. Pro forma FY 2019/20 results are included to better indicate the impact of adoption of IFRS 16 Leases in FY 2019/20. These pro forma results are estimations of the results for FY 2019/20 if the previous accounting standard for leases, IAS 17 Leases, had been applied.

* The Group also had borrowings at March 2021 of £297m (March 2020: £300m)

STRATEGY

In the last three years, we have transformed our business and built a new Burberry, anchored firmly in luxury. We have revitalised our brand image, renewed our product offer and elevated our customer experience, while making further progress on our ambitious social and environmental agenda. In spite of COVID-19, we completed our objectives for the period and delivered a strong set of results in FY 2020/21.

 

Our Journey

STRATEGY OUTLOOK

Having successfully executed Burberry’s transformation and established a strong foundation, in this next chapter, we will leverage our unique brand to deliver sustainable, high-quality growth, while continuing to be a force for good in the world.

Now more than ever, consumers, particularly younger ones, are seeking emotional connections with brands.

Our ambition is to excite and inspire the Fashion Vanguard, fostering a strong Burberry community.

We will strengthen the emotional connection with purposeful, authentic luxury storytelling, while leveraging our strong network of communities and influencers to amplify our brand. Above all, we will maintain a firm focus on our purpose in order to differentiate Burberry from its peers.

Our vision is to leverage the strong luxury offer we have built over the past few years, maintaining focus and innovation around our anchors of outerwear and leather goods. Within leather goods, having transformed our women’s architecture, we will continue to deliver newness and relevance while establishing key shapes within the men’s offer. In outerwear, we will build desire through fabric innovation as well as elevation of product.

We will further elevate our ready-to-wear collections by developing a strong position in everyday luxury pieces.

Additionally, we will increase our focus on shoes, which is a strong category for customer recruitment.

In the last three years we have elevated our store network so that it is aligned to our luxury positioning. In this phase we will continue to transform our direct-toconsumer channels to create a luxury truly omnichannel experience that will both attract customers to the brand and ensure their ongoing engagement with us. In the next phase we will focus on five key actions:

  1. Rolling out our new store concept
  2. Focusing on local customers
  3. Accelerating store performance
  4. Taking a lead in omnichannel, building on our pioneering Social Retail concept
  5. Supercharge digital sales

case studies

OPENING NEW SPACES: SOCIAL RETAIL IN SHENZHEN, CHINA

A VIRTUAL EXPERIENCE

Thomas Burberry

“In this revolutionary age, few people can afford to be careless about their clothes.”

Thomas Burberry (1835-1926)

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Our commitment to ESG-related matters is the purest expression of our purpose and values. We are committed to building not only a financially stronger Burberry but also a better company that is a force for good in the world.
 

ESG framework