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Many top market global brands have been struggling to increase sales or market share in recent years. The news of Burberry's continuing success leaves some wondering how the company is delivering such a strong performance, with a revenue increase of new stores added and a productivity boost of in the last months. 'While the luxury industry faces global challenges in the year ahead, we remain confident in our team's ability to outperform, underpinned by the consistent execution of our key strategies,' said Burberry's chief executive. The sales figures show that the company's plan to survive the financial crisis by targeting flagship markets has so far been successful. Burberny's USP of being an 'iconic British luxury brand' has been enhanced in the last few years to attract a new, younger market segment while keeping current customers satisfied. Now the company is targeting young, digitally aware consumers in the world's wealthiest markets. As rising internet penetration and increasing familiarity with online shopping is a burgeoning trend, the company's focus is mainly on digital integration. The company's targets are of the world's wealthier cities (including London, New York and Beijing); according to Burberry these account for more than half of the global luxury fashion trade. These target markets also benefit from high levels of tourism and very wealthy residents. The company is investing in underpenetrated markets such as Asia Pacific, Latin America and the Middle East, as these are forecast to see continued growth in consumption of luxury goods as tourism, salaries and store openings increase. Non-apparel, including handbags, small leather goods, scarves, shoes, belts and jewellery, remain a key driver of the company's growth, contributing of retail sales in the last months. Low prices have never been a consideration for Burberry as its management perceives that its consumers demand exclusivity and style and these do not integrate well with low prices.
Evaluate the ways Burberry differentiates its products from its competitors in the market for female clothing.
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VerifiedThis exercise asks how Burberry company makes the product different from its competitors.
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