UK-based luxury brand Burberry has announced it has agreed to take control of the luxury leathergoods business of its longstanding Italian partner CF&P. The deal is expected to be completed later this year.
CF&P is based in Scandicci, Italy and specialises in the development and manufacture of luxury leather handbags and accessories. The acquisition includes equipment and inventory.
Burberry said CF&P employees, including the expert craftsmen with whom the brand has worked closely for more than a decade, will transfer to Burberry upon completion of the transaction. The operations will remain at their current site.
Other luxury leathergoods brands to have used CF&P as a manufacturing partner include Bally, Lanvin, Versace, Anya Hindmarch, Kenzo and Narciso Rodriguez. Burberry said some parts of the CF&P business will not transfer and will continue to operate as separate entities under the CF&P name, but at a different site.
Burberry chief executive, 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 leathergoods, covering all activities from prototyping, product innovation, engineering and the coordination of production. This will give us greater control over quality, cost, delivery and sustainability of our leather goods.”
Information courtesy of Leatherbiz