Media reports have suggested that Italian luxury brand Moncler is considering a takeover bid of British luxury fashion brand Burberry. By ILM.

Burberry is due to report its first half results in the middle of November, but saw revenue decline significantly in its first quarter, appointed Joshua Schulman as its new CEO to take the company through a difficult period.

The takeover rumour was reported by trade journal Miss Tweed, leading to a rise in Burberry’s share price of 6%.

Moncler investor LVMH is reportedly pushing for the deal, but none of the companies have commented on the rumour.