Burberry Group CFO Kate Ferry said Wednesday that Asia offers highly compelling long-term prospects for the luxury retailer, though competition will intensify. Speaking at the HSBC Global Investment Summit in Hong Kong, Ferry said success will depend on brands having a clear identity, strong product authority, and a deep understanding of local customs. Her remarks follow Burberry’s January report that Greater China comparable store sales rose 6% in the quarter ending December 27, driven in part by Gen Z demand, as the brand continues its recovery in the market.

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