APPROACH TRENCH. Asia is helping Burberry bulk up its M&A defences. Despite mandatory lockdowns in Europe, the luxury trench-coat maker on Friday said comparable store sales in the three months to March 27 were expected to grow between 28% and 32% year-on-year. Analysts like Jefferies had previously expected 22%. Burberry shares jumped 9% to their highest since January 2020, before Covid-19 spread globally. The gains trim the chances of a takeover. The euphoria may not spread to the rest of the sector. European luxury goods outfits like Hermès International and Kering were flat on Friday. Either they have already enjoyed an Asia bounce, or their valuations were already pushing at the seams. Hermès is trading at 49 times 2022 earnings, compared to 28 times for Burberry. The good news for Chief Executive Marco Gobbetti is that this gap is narrowing. His turnaround, which includes a first menswear-focused collection by designer Riccardo Tisci, may be working. (By Dasha Afanasieva)