Executive Summary

• Burberry reported a 1.1% retail revenue decline for 3Q19. Comps rose 1%, driven by mid-single digit comps in mainland China and Korea. The company closed a net two stores, eliminating 1% of its retail space.
• As Burberry executes its multi-year transformation and repositioning strategy, it is making traction with limited edition Riccardo Tisci products sold predominately via social media.
• B Series, monthly drops of Riccardo Tisci products, underpin improvements on social media. Burberry’s reach (or number of followers) on WeChat expanded 50%.