L Brands, the clothing chain behind designer labels like H&M and Gucci, will not be the trend-setting fashion brand it was expected to be, its chief executive told analysts on Monday.
Speaking at a conference call with analysts, Mr Zuberi was asked if he expected the company to be successful as a result of the global recession.
“It is important to keep in mind that we are not a trend setter.
We do not aspire to be,” he said.”
We have a strong business model and we have a very, very competitive business model.
We will continue to invest in our business model.”
Mr Zuberim said L Brands would continue to focus on making fashion and accessories that were “sustainable and sustainable brands”, and he added that he did not think it would be successful.
“L Brands is a fashion company and the fashion business is not going to be a growth business, and we believe in that.
We have a proven brand, we have proven brands that have been in the industry for over a decade,” he added.”
But I also believe that the business model is very, much the same.
I think we can sustain our current model, and that is sustainable.”
The company’s sales for the year ended March 30, including profits, rose to $1.1bn, from $967m in the same period last year.
It was also able to reduce its debt by $60m to $2.9bn.
The company will continue with the following investment plans for its global business: “We will continue investing in the core L Brands brand, the lifestyle and luxury brands that drive our brand’s growth,” Mr Zauberi said.