Burberry New Factory Closes Half Of Shanghai'S Stores And Sells British Land.

Burberry Group PLC (BRBY.L) Bob Lee, which was put forward four years ago by the British factory building plan, has been completely overthrown after many delays.

The British luxury group decided to sell 4 acres of land in Liz, Yorkshire, where the planned factory is located.

Julie Brown, chief operating officer and financial officer, said, "after careful assessment, we think the site is no longer in line with our plan."

However, Julie Brown insists that the group will continue to invest in two windbreaker factories located in Castleford and Keighley in Yorkshire, and will expand the service center opened in Liz in 2017, which combines the financial, human, customer service and IT functions of the British and the EMEIA markets.

In November 2015, Christopher Bailey, the former chief executive officer and chief creative officer of Burberry Group PLC Bob Lee, born in Halifax, Halifax, Yorkshire, announced at least 50 million pounds to invest in the construction of a new factory in Liz to replace the two factories of Castleford and Keighley, and to create 200 jobs on the basis of attracting 800 employees from the old factory.

The new plant was originally put into operation in 2018 to expand the production capacity of 5000 windbreaker in the United Kingdom by two times.

After the end of the British referendum in June 2016, John Peace, the former chairman of the group, announced that the new plant investment should be shelved on the grounds of assessing the impact of the EU off.

A year later, Julie Brown reiterated the timing of the assessment process, but stressed that all options were under consideration.

Last year, she finally changed the wind, saying that the group did not intend to close the two factories of Castleford and Keighley, but was unwilling to comment on whether it would sell Liz's land.

Now, Burberry Group PLC Bobo Li emphasizes that land sale decisions have nothing to do with Europe.

At the beginning of this year, Julie Brown has warned that no agreement will lead to tariffs of two or thirty million pounds, which will seriously disrupt the distribution of goods, samples and finished goods and logistics between suppliers, factories and stores. At that time, she emphasized that the group had begun to take mitigation measures.

The EU has agreed to postpone the deadline for delaying Europe until October 31st of this year, because it has not been passed by Parliament.

The chief executive, Marco Gobbetti, put forward a business restructuring and brand redevelopment plan after taking office in 2017, aiming to reduce the cost of 100 million pounds in the year and half of fiscal year 2019 and save 120 million pounds in the 2020 fiscal year.

In the three quarter of the 2019 fiscal year ending December, the retail sales of Burberry Group PLC Bob were 1% higher than that of sales, a slowdown of 2% compared with the same period in the previous year, and the market is expected to be 2%.

The group maintained a steady outlook for revenue and earnings throughout the year.

Rival Louis Vuitton Louis Weedon and Hermes Hermes are in short supply, competing to expand their capacity. Burberry Group PLC Bob Lee has been lagging behind in traditional luxury goods industry in the past few years, just slightly better than Italy's Prada SpA (1913.HK) Prada group.

In the most important Chinese market, the group closed half of its stores in Shanghai in the past six months.

However, the British group has said it will adjust its stores and will continue to invest in China and open two new stores in Shanghai.

Burberry Group PLC (BRBY.L) reported 2000 pence on Monday, an increase of 1.9% throughout the day, extending its increase since 2019 to 15.2%, and now its market value is about 8 billion 200 million pounds.