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.
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