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Burberry to shut stores in 'unluxurious' areas

Burberry to shut stores in 'unluxurious' areas

Business
Burberry is to close stores and stop its products being sold in areas it feels are not luxurious enough, as part of a drive to take its brand even further upmarket.Shares tumbled after the change of direction was announced, just a week after the news that top designer Christopher Bailey - the man credited with creating its luxury focus - was to leave the businessafter 17 years.New chief executive Marco Gobbetti, who replaced Bailey in the top job earlier this year, said he wanted to focus on leather goods and fashion and cut sales to non-luxury stores, initially in the United States.The "re-energising" of Burberry's offering would then be rolled out to Europe, the Middle East, India and Africa, the company said.Investors were seemingly unimpressed - shying away from an investment strategy ...