Burberry swoops to buy long-term Italian partner CF&P
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:
- Burberry’s newly acquired operations will remain at the current site
- The acquisition includes equipment and inventory
- The parts of CF&P not included in the transaction will continue to operate as separate entities under the CF&P name, but at a different site