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Burberry Waves Away Rumors of a LVMH or PPR Takeover

>> Burberry is doing well, to say the least — thanks to sales of aviator jackets, shearling boots and sling bags, the brand posted a 21.6 percent rise in first-half revenues to 641 million pounds ($974.3 million), from 527 million pounds ($801 million) in the corresponding period last year. “These were high-quality sales — from main line stores rather than outlets," Stacey Cartwright, Burberry's CFO, stipulated. "And there were fewer markdowns than in the past."

Along with those numbers have come persistent rumors that Burberry could be the target of a takeover by a big luxury group — like PPR or LVMH — or a private equity fund. Cartwright declined to comment on the rumors, but did say: “We have a lot of growth ahead, and we’re keeping our heads down and getting on with our work. We’re delighted with the progress so far.” She added that Burberry CEO Angela Ahrendts is “committed to this business as ever.”

A Citigroup report also addressed the rumors, determining that there was little “strategic and financial rationale for private equity money to enter so late in Burberry’s transformation story. Likewise, we struggle to find strategic rationale for PPR and LVMH to add another soft luxury brand to their portfolio.”

 

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