Burberry, an iconic British luxury brand has decided to take the route of cutting down the price of its leather bags by up to 20 per cent as the pound depreciates in the wake of Brexit.
Since last week, prices of its leather bags, including new arrivals for autumn, were down by an average of between 10 and 15 per cent, sales staff told South China Morning Post at Burberry’s Causeway Bay outlet.
Across the border, staff member from another outlet at the Mixc of Shenzhen City Crossing, told the same media outlet that bag prices were lowered within the same period.
Small Canter in Horseferry Check leather bag: from HK$9,900 to HK$7,900
Medium Banner in Leather and House Check bag: from HK$14,500 to HK$13,000
Since the referendum that Britain voted to leave the European Union by a slim margin, the pound has shed 9.75% against Hong Kong dollar to just HK$10.34 as of yesterday.
Adding to the decision to lower its prices is Burberry’s declining sales.
But so far, the decision to reduce prices did not trigger excitement as much as Chanel’s similar decision in March last year where hundreds of shoppers formed a beeline at outlets after the French luxury brand offered steep discounts due to the falling euro.
After Burberry’s move, other notable British fashion labels such as Alexander McQueen, Mulberry, Vivienne Westwood have not yet made similar moves.
Should anyone be interested in snapping these discounted Burberry merchandise, here are its branches in Hong Kong:
Hong Kong Island Store Locations