Burberry said it has been hit by a slowdown in demand for luxury goods as it warned it may not be able to hit sales targets.

The British fashion brand said it would likely miss its full-year revenue goals as its boss Jonathan Akeroyd admitted the “macroeconomic environment has become more challenging recently”.

The company, known for its trench coats, said profits will likely be at the lower end of its previous guidance of £552m to £668m.

Bosses said: “The slowdown in luxury demand globally is having an impact on current trading.

“If the weaker demand continues, we are unlikely to achieve our previously stated revenue guidance for full year 2024.”

Mr Akeroyd has been a vocal critic of what retailers describe as a tourist tax that he believes is turning shoppers away from luxury shopping in London.

He said even British people were turning to cities like Paris and Milan where they can take advantage of tax free shopping post-Brexit rather than shopping locally. 

In today’s half-year results, Burberry said revenues increased 4pc to £1.4bn while operating profits fell 15pc to £223m.

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