WEBWIRE – Tuesday, March 28, 2023
Burberry announces that it has entered into an agreement to acquire a business from longstanding Italian supplier, Pattern SpA.
For almost two decades, Burberry has partnered with Pattern to produce luxury ready-to-wear including quilts and downs at the Italian companys product development site in Turin, Italy. With this investment, Burberry will secure capacity, build technical outerwear capability and further embed sustainability into its value chain. The acquisition will complement Burberrys historic manufacturing centres in Yorkshire, UK, where it will continue to weave gabardine and make the British luxury brands iconic heritage trench coat, and invest in its operations. It follows the successful integration of Burberrys leather goods hub in Florence, Italy.
Approximately 70 of Patterns employees in Turin will join Burberry on completion of the acquisition, expected later this year. Pattern will continue to operate the parts of the business not included in the transaction.
Jonathan Akeroyd, CEO, commented: This strategic investment is an important next step in bringing our outerwear category to full potential. It will enhance our capabilities, building on our strong foundations in the UK, and provide greater control over the quality, delivery and sustainability of our products. Its an exciting development and I am delighted to welcome our new colleagues on board.
Notes
- Burberrys newly acquired operations will remain at the current site in Turin, Italy
- This acquisition includes employees, equipment and inventory
- The agreed price is EUR 21m subject to closing conditions and standard adjustments
- Burberrys iconic heritage trench coats will continue to be woven and manufactured in the UK, where it will continue to invest in its capabilities
- Both Burberry and Pattern share an enduring commitment to sustainability. All of the electricity Pattern uses at its sites is from renewable sources, and the company is on track to achieve carbon neutrality at its Turin site in 2023
About Burberry
- Founded in 1856, Burberry is a British luxury brand, headquartered in London
- Burberry is listed on the London Stock Exchange (BRBY.L) and is a constituent of the FTSE 100 index. Its ADR symbol is OTC:BURBY
- BURBERRY, the Equestrian Knight Device, the Burberry Check and the Thomas Burberry Monogram and Print are trademarks belonging to Burberry