Would you light your beloved $1,990 Burberry trench coat on fire? Probably not, but apparently, the brand is doing just that.
According to the Times, the luxury English fashion label literally burned over $37 million worth of goods in a year, which basically translates to more than 20,000 of those oh-so-beloved coats we just mentioned. Over the past five years, the company has reportedly destroyed roughly $116 million in product, which includes clothing, accessories, and fragrance, a move that shareholders of the company are unhappy with.
So why would they do this? Basically, brands like Burberry get rid of these unwanted items to prevent them from getting stolen or sold at a majorly discounted price. According to the Times, luxury labels want to make sure their products don’t get into the hands of the “wrong people” after popping up in “grey markets.” We’ll let you interpret that one.