Update - Acquisition of Chine

RNS Number : 9143R

Burberry Group PLC

31 August 2010

 



31 August 2010

Burberry Group plc

Update: Acquisition of Chinese retail operations

Further to the announcement on 16 July 2010, Burberry, the global luxury company, today confirms it has completed the acquisition of 43 of the 50 stores in China and related assets. The remaining seven stores are expected to be transferred over the coming months.

This transaction is in line with Burberry's strategy of unifying the brand around the world, while at the same time increasing its exposure to retail and to high growth luxury markets.  As detailed in the 16 July announcement, the total purchase price is approximately £70m in cash, subject to completion adjustments and the transaction is expected to add up to £20m to group operating profit in financial year 2011/12.

The financial information contained in this announcement has not been audited.  Certain statements made in this announcement are forward-looking statements.  Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future results in forward-looking statements.  

This announcement does not constitute an invitation to underwrite, subscribe for or otherwise acquire or dispose of any Burberry Group plc shares.  Past performance is not a guide to future performance and persons needing advice should consult an independent financial adviser.

 

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