It meant London Fashion Week, always the poor relation to Milan and Paris, suddenly had a hot property that advertised in the key global markets. Therefore, it drew major editors and celebrities to its shows here. Other much smaller designers basked in the reflected glow, attracting attention they never had before.

Arguably, Burberry could have done better in bringing more manufacturing home. But at least its onwards and upwards numbers showed we could think big and ambitiously at a luxury level.

Yet after Christopher Bailey – and his unrelenting vision –  bowed out in 2018, Burberry, like our national football team, seemed to lose faith in its worthiness to be a truly elite player.

Bailey’s successor, the Italian Riccardo Tisci, had neither the temperament nor a clear understanding of what the brand should stand for (functional but stylish outerwear, principally).

His successor, the Yorkshire-born Daniel Lee, appointed creative director in 2022, has yet to convince the fans. 

There’s a dispiriting pattern here. Alexander McQueen, despite its exquisite craftsmanship and support from the Princess of Wales and Anna Wintour, has yet to reach the commercial potential its owner, Kering (formerly the Gucci Group), hoped for when it acquired a majority stake way back in 2000.

Mulberry, another British success, also ran into trouble in 2012 when chief executive officer Bruno Guillon decided it should move from a British idea of luxury (idiosyncratic, practical bags that topped out at around £1,000) to a French one (more precious bags at £2,000).