Burberry has announced it is to acquire Italian luxury leather goods business CF&P, for an undisclosed sum.
CF&P employees, including the team of craftsmen which has worked with Burberry for more than a decade, will transfer to the the brand on completion of the transaction. Burberry said the deal would give them greater control over quality, cost, delivery and sustainability of its leather goods.
Burberry CEO Marco Gobbetti said: “This acquisition is a major milestone for us and a statement of our ambition in this strategically important category. It will create a centre of excellence for Burberry’s leather goods, covering all activities from prototyping, product innovation, engineering and the coordination of production.”
The deal is expected to be completed later this year.