LONDON, 15-May-2018 — /EuropaWire/ — Burberry today announces it has entered into an agreement to acquire a luxury leather-goods business from longstanding Italian partner CF&P.
CF&P employees, including the team of expert craftsmen who have worked closely with Burberry for more than a decade, will transfer to the Company on completion of the transaction, expected later this year.
Marco Gobbetti, Chief Executive Officer, commented:
“This acquisition is a major milestone for us and a statement of our ambition in this strategically important category. It will create a centre of excellence for Burberry’s leather goods, covering all activities from prototyping, product innovation, engineering and the coordination of production. This will give us greater control over quality, cost, delivery and sustainability of our leather goods.”
|Andrew Roberts||VP, Corporate Relations||+44(0)7976971881|
|Charlotte Cowley||VP, Investor Relations||+44(0)2033673234|
- CF&P, based in Scandicci, Italy, specialises in the development and manufacture of luxury leather handbags and accessories
- Burberry’s newly acquired operations will remain at the current site
- The acquisition includes equipment and inventory
- The parts of CF&P not included in the transaction will continue to operate as separate entities under the CF&P name, but at a different site
- Burberry is a global luxury brand with a distinctly British attitude
- Burberry designs and sources apparel and accessories, selling through a diversified network of retail (including digital), wholesale and licensing channels worldwide
- Burberry, which was founded in 1856, is headquartered in London. It is listed on the London Stock Exchange (BRBY.L) and is a constituent of the FTSE 100 index. Its ADR symbol is OTC:BURBY
- BURBERRY, the Equestrian Knight Device and the Burberry Check are trademarks belonging to Burberry that are registered and enforced worldwide