London(UK) July 18: High street British fashion designer Burberry saw shares rise more than 13% on Tuesday morning.
The jump came at a time of great success for the company, whose sales rose by 4% in the first quarter - double what the market had anticipated.
Many cited the brand's new designer and its move to decidedly upmarket products as reasons for its recent success. Last year, Riccardo Tisci was appointed Chief Creative Officer and has been veering the company towards riskier, more contemporary cuts and further away from the classic British style that Burberry became famous for.
New designs, new strategy pay off for Burberry
Burberry shares jumped Tuesday on signs that new designs and a shift upmarket are reaping dividends for the British fashion brand.
This change proved fruitful, with half of all sales this year coming from the company's new clothing line. The new line features new takes on classic trench coats, with more contemporary cuts and patterns incorporated into the brand's distinct style.
The monogram, a graphic reimagining of founder Thomas Burberry's initials, was created by Tisci and graphic designer Peter Saville. Many have seen the design, which has a collection dedicated to it, as part of the Chief Executive's strategy gamble to elevate the brand further upmarket, increasing profit margins.