Burberry 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.”
The terms of the deal state that: