Michael Kors’ UK sales plunged last year as customers pulled back their spending on pricey purchases.
The designer brand’s sales in the country were down by a tenth in the year to April as in-store trading slumped, however, it said online transactions were strong, This is Money reported.
Michael Kors warned it may hike prices further due to a rise in the cost of basic materials. This comes after the brand implemented an average price hike of 6% last year.
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The poor trading results comes as the luxury industry continues to grapple with shoppers spending less after a surge in trading post-pandemic.
Last month, Burberry’s full-year operating profit plunged 36% to £418m amid the challenging economic environment.
The British fashion retailer said its like-for-like sales fell 12% in the final quarter, wiping out gains made earlier in the year. Revenue for the year to 30 March was also down by 4% to £2.9bn.
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