Burberry has spent £54m on acquiring the remaining 15% economic interest in its China business held by Sparkle Roll Holdings Limited, a non-Group company.
This means that Burberry, which bought the first 85% of its Chinese business in 2010, now holds 100% economic interest in the Group’s business in China, taking over directly all its operations in China.
Burberry recently announced results for its “challenging” first quarter, when like-for-like sales fell by 3%. A positive 3 percent contribution from new stores resulted in flat retail sales of £423m, which was slightly better than analysts’ expectations.
Burberry has seen a sales downturn in mainland China and Hong Kong. The company just named Marco Gobbetti, the Italian boss of LVMH brand Celine, its new CEO, starting next year.
More from NEWS
Brunello Cucinelli sales in the first quarter of 2024 increased 16.5 percent
Despite the macroeconomic and social uncertainties and a general slowdown in the luxury fashion segment, Italian luxury house of Brunello …
Balmain Beach Club debuts at Neiman Marcus
Neiman Marcus, in partnership with Balmain, is pleased to introduce Balmain Beach Club, an exclusive collection and immersive customer activation in Dallas. …
Swarovski opens new flagship store in Milan, Italy
Swarovski has recently opened in Milan the first flagship store in Italy. Located at 31 Piazza Duomo in Milan the …