Burberry shares jump after Belgium’s richest man snaps up three per cent stake
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.
Read more: Burberry is back in fashion in Asia as revenues grow in third quarter
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.