Burberry agrees to buy Italian leather business

Burberry says it has entered into an agreement to acquire a luxury leather-goods business from longstanding Italian partner CF&P.

CF&P employees, including the craftsmen who have worked with the British luxury fashion house for more than a decade, will transfer to the company once the transaction is complete, expected late this year.

“This acquisition is a major milestone for us and a statement of our ambition in this strategically important category,” says CEO Marco Gobbetti. “It will create a centre of excellence for Burberry’s leather goods, covering all activities from prototyping, product innovation, engineering and the co-ordination of production.”