Burberry Burned $37 Million Worth Of Luxury Goods – On Purpose

Burberry reportedly destroyed about $37 million worth of goods over the last year by burning them.

Burberry, which has disposed of around $118 million worth of goods over the last five years, allegedly does so in order to maintain the brand value by keeping the designer label from being worn by the “wrong people” after showing up on the “grey markets” for a discounted price, industry insiders told the Times.

Stockholders reportedly questioned the staggering number — which equates to approximately 20,000 of the brand’s iconic trench coats — asking why the products weren’t offered to the company’s private investors.

Read more at Fox News.

{Matzav.com}