Luxury brands such as Burberry hate to hear that less is more. A slowdown in luxury spending means its nascent recovery is at risk.

The British purveyor of “heritage rainwear” — posh raincoats, to the rest of us — had a difficult quarter to the end of September. Comparable store sales increased a measly 1 per cent year on year — well down from 18 per cent in the previous quarter. Worse, Burberry feels trading is still deteriorating. It now thinks it will miss its target for double-digit revenue growth this year. Analysts are cutting full-year operating profit estimates by a tenth.

None of this, Burberry will point out, is a reflection on new designer Daniel Lee’s collection. This hit the stores only in September. Beyond making reassuring noises, the fashion house would not be drawn on how the collection is selling.