15th May 2018 08:39
LONDON (Alliance News) - The Daily Mail reported Monday that Burberry Group PLC will acquire an Italian luxury leather goods business from CF&P.
The Tuscany-based business will remain in Italy with 98 of CF&P's 170 employees joining Burberry as part of the deal.
"This further Italianisation of Burberry is a positive, the group's messy supply chain is an area of concern and moves to redress this are welcome. Burberry needs to be taken seriously in leather and this is a start," Flavio Cereda, an analyst at Jefferies, told the Daily Mail.
CF&P is well known for using ostrich, alligator and python skin in its handbags and its acquisition will give Burberry greater control over its handbag manufacturing and design, the newspaper noted.
http://www.dailymail.co.uk/money/news/article-5728177/Burberry-bags-deal-fend-hostile-Coach-Style-icon-sell-luxury-handbags-Italian-tie-up.html?ITO=1490&ns_mchannel=rss&ns_campaign=1490
Burberry shares were up 0.4% at 1,813.50 pence early Tuesday.
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