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Burberry physically destroyed 28.6 million pounds worth of finished goods in the financial year to April, up from 26.9 million pounds the previous year, including 10 million pounds worth of beauty products such as perfume. The products are generally those that did not sell via discount outlets and are more than five years old. Burberry said it would try to reuse, repair, donate or recycle its products while a strategy to make fewer, more targeted collections should help reduce excess stock. It is also working with the sustainable luxury company Elvis & Kresse to transform 120 tonnes of leather offcuts into new products over the next five years.
Exane BNP Paribas analyst Luca Solca said Burberry’s announcement could put pressure on other luxury names to be more transparent about how they handle unsold goods, “Concerns about sustainability are slowly but surely becoming more relevant for luxury goods consumers,” he said, Some luxury groups offer sales to logo engraved cufflinks employees and journalists to limit unsold stock, Both Kering, owner of Gucci and Alexander McQueen, and LVMH, owner of Louis Vuitton, Celine, Christian Dior and Givenchy, declined to comment..
Chanel said it did everything it could to avoid destroying stock, including selling items from previous collections to employees and partners, and starting production on goods once it has received orders from buyers. The issue of excess stock is, in volume terms, a much bigger problem in the mass market, where retailers and consumers churn rapidly through different styles. Greenpeace says 73 percent of textile fibers used to produce more than 100 billion garments each year end up in landfill or incinerators after they have been used.
H&M, the world’s second-biggest fashion retailer after Inditex, has said in the past it burns stock, but only when it is damaged or, for example, has high levels of chemicals in it, At the end of May the Swedish group had $4 billon of unsold stock that it said it hoped to sell, “Under no circumstances do we destroy clothes that are safe to use,” logo engraved cufflinks a spokeswoman said, Britain’s Primark said unsold products and samples were donated to charity, Burberry is following the likes of Versace, Gucci and the trailblazer for ethical fashion, Stella McCartney, in removing real fur from its ranges..
The moves are part of a series of changes at Burberry where Gobbetti is pinning his hopes on new designer Riccardo Tisci to transform the quintessentially British fashion house. Former Givenchy star Tisci has previously designed costumes for Beyonce and Madonna and releases his debut collection in September. “We are committed to applying the same creativity to all parts of Burberry as we do to our products,” Gobbetti said. PETA, the campaign group for the ethical treatment of animals, welcomed Burberry’s move to stop using fur, which it said was a sign of the times.
“The few fashion houses refusing to modernize and listen to the overwhelming public opinion against fur are now sticking out like a sore thumb for all the wrong reasons,” PETA’s director of international programs, Mimi Bekhechi said, Campaign group Humane Society logo engraved cufflinks International said animal charities would unite during this year’s major fashion shows to call on Italian brand Prada to follow Burberry’s lead, The head of the International Fur Federation, Mark Oaten, said substituting natural fur with “plastic petroleum-based materials, like fake fur” was neither luxury nor responsible..
ZURICH/BENGALURU (Reuters) - New Novartis Chief Executive Vas Narasimhan has further reshaped the Swiss drugmaker, announcing on Thursday he is selling U.S. dermatology and generic pill assets to India’s Aurobindo Pharma Ltd for up to $1 billion. The deal, which comes after price pressure hurt the U.S. pills business, includes some 300 products. An initial $900 million cash payment could be followed by $100 million in performance-based payments to the Basel-based drugmaker. Novartis said the transaction will result in a roughly $70 million impairment, to be confirmed when it releases third-quarter results in October.
This deal has been in the works for months but some analysts said Aurobindo was paying less than they had penciled in for the assets, Shares in Aurobindo rose 9 percent on the news, while Novartis stock closed down about 1 percent, 'The acquisition announced today is in logo engraved cufflinks line with our strategy to grow and diversify our business in the U.S.,' said N Govindarajan, managing director of Aurobindo, adding the deal will make it the second-largest U.S, generics maker by prescriptions, bit.ly/2MRmXqA, Aurobindo will get plants in Wilson, North Carolina, as well as in Hicksville and Melville, New York, Novartis said..