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Burberry to buy leather goods business from CF&P
Luxury fashion brand Burberry has agreed to buy a luxury leather-goods business from longstanding Italian partner CF&P.
Burberry said that CF&P employees, including the term of craftsmen who have worked closely with the group for more than a decade, will transfer to the company on completion of the deal, which is expected later this year.
Chief executive officer Marco Gobbetti said: "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."
No financial details were disclosed.
At 1105 BST, the shares were down 0.4% to 1,799p.