The brand believes local markets hold the key to growth as countries worldwide start to ease out of lockdown.

Sales fell 3.2 percent in the year while operating profit was down 57 percent due to the COVID-19 crisis.

The brand is also delivering surgical masks, non-surgical masks and gowns to medical staff and patients, and helping to fund emergency vaccine research at Oxford University.

Around 40 percent of Burberry’s directly operated stores globally are now closed, with additional closures expected in the coming days.

London-based brands large and small are waiting — and hoping — their Chinese factories reopen soon and that manufacturing and deliveries won’t be severely disrupted due to the virus.

The bank has parsed Burberry’s comments about the impact of the coronavirus, and believes year-end earnings will suffer.

Burberry did not quantify the impact on year-end results and stopped short of issuing a full-blown sales and profit warning.

The company has raised its revenue guidance despite a severe decline in Hong Kong, and has added an extra 5 million pounds in cost savings for fiscal 2019-20.

Same-store sales were up 3 percent in the crucial quarter leading up to Christmas.

Jitters over the virus — which started in China, but has spread now to the U.S. — pushed fashion and luxury shares down on Tuesday.

All employees will be eligible for 18 weeks of parental leave at full pay, and can do shorter work weeks for four weeks after they return.

The second half will be challenging, as the British pound strengthens and Hong Kong deteriorates.

Sales rose 5 percent, boosted by currency benefits, while the brand has inked a deal with Tencent to develop social retail in China.

Fischer is president, Greater China and Asia Pacific at Diageo.

The company is naming a director of diversity and inclusion, and plans to offer staff unconscious bias training.