Fashion darling Burberry's shares jumped today after reports that Belgium's richest man has snapped up a three per cent stake in the company.
Shares rose nearly six per cent, the highest point since May 2015, after Albert Frere disclosed a stake in the trenchcoat maker.
Known to be worth $4.9bn (£3.9bn), Frere also recently bought an undisclosed stake in Hugo Boss. He also took a stake in Adidas in 2015 which has led to shares doubling since his entry.
Frere heads CNP, a media, utilities and oil empire that he built from his family's scrap-metal business.
Last month, Burberry said its revenues had increased in the three months to 31 December, and it welcomed a return to growth in Asia. Retail revenue was up four per cent on an underlying basis, to £735m, while like-for-like sales went up three per cent.
The group said £77m of its £150m share buyback programme had been completed.
Burberry also said it is on track to deliver cost savings of around £20m in the 2017 financial year.
It was also revealed that Burberry's outgoing CEO, Christopher Bailey, has received 215,000 shares in the business, with a total value of £3.5m.
Bailey is one of a number of Burberry executives that have been awarded performance-contingent share packages in 2017, after the fashion retailer postponed its rewards scheme last year.