Burberry is facing challenges in meeting its annual revenue forecast of low double-digit growth due to a global slowdown in luxury spending. The company reported a significant slowdown in comparable store sales growth in the second quarter, particularly in China. This has also impacted other luxury brands such as LVMH and Kering. Burberry’s Chief Financial Officer stated that demand in China weakened throughout the quarter, and local demand also shrank in the UK and the Americas. However, the company remains confident in its strategy and is seeing encouraging early indicators of demand for its Winter ’23 collection.