Burberry Group plans to buy back shares worth 150 million (HK$1.58 billion) as chief executive Marco Gobbetti seeks to enlist investor support for his plan to turn around the coat-maker.
The company yesterday reported full-year sales that trailed luxury rivals benefiting from a boom in Chinese spending. The London-based company is looking to join its peers with a revamped offer by new creative director Riccardo Tisci, who is set to show his first collection for the brand in September.
"While the task of transforming Burberry is still before us, the first steps we implemented to re-energize our brand are showing promising early signs," Gobbetti said. The shares rose as much as 2.3 percent in London.
Meanwhile, Starbucks unveiled a bold plan to more than triple revenue in China over the next five years, at a time when other American corporates worry that trade tensions may disrupt their businesses in the world's second-largest economy.
Starbucks plans to weather trade tensions by focusing on its Chinese employees and customer base, chief executive Kevin Johnson said. The coffee giant laid out plans to compete with KFC in the race to become China's fastest-growing foreign food chain by opening a new store every 15 hours through 2022. It plans to have 6,000 stores on the mainland then, compared with a previous target of 5,000 by 2021.