Burberry is working on a plan to wind up 38 stores. Five, in Brazil and Spain, have already been shut. This is part of the luxury fashion brand’s move to go more upmarket and turn its flagship stores into luxury destinations for well-heeled shoppers. Burberry wants to go super-luxe, in the same league as Gucci and Dior, which have higher prices and profit margins. Like the rival brands, Burberry wants to be able to design coveted leather handbags that can command price tags of up to 2000 pounds.

Burberry is known for its trench coats and signature check. The 163-year-old company replaced its longstanding creative supremo Christopher Bailey with another Italian, Riccardo Tisci, last year, and is in the process of rolling out his debut collection. Bailey, who was credited with helping to transform Burberry from a small UK company into a global fashion brand, left last year. The clothes and accessories designed by Tisci have been a big hit with shoppers, delivering double-digit sales increases on the equivalent ranges in 2018. Tisci is revitalising a brand that was at risk of becoming outdated and repetitive. His dark grungy styles, previously seen at Givenchy, have provided a welcome update to Burberry’s classic tailoring and neutral tones.