Burberry completes acquisition of Chinese operations
01 September 2010 09:29
UK luxury company Burberry has completed its acquisition of 43 of its 50 stores in China along with related assets. The group added that the remaining seven stores are expected to be transferred over the coming months.
In a statement, Burberry said: "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 16th 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."
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