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Burberry shares drop as Moncler denies takeover bid speculation

Published 11/11/2024, 10:22
Updated 12/11/2024, 11:45
© Reuters.
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Investing.com -- Burberry (LON:BRBY) shares fell on Tuesday, after Reuters reported that Italian luxury brand Moncler is not currently in talks to acquire the British fashion house.

At 6:35 am (1135 GMT), Burberry was trading 7.3% lower at £720.95.

Speculation had circulated about a potential takeover, following a report by The Daily Mail suggesting that Moncler was preparing to make a bid for Burberry. This news had initially sent Burberry’s shares higher on Monday.

However, four sources close to the matter, as reported by Reuters, have since denied any such discussions between the two companies. 

A potential acquisition by Moncler (BIT:MONC) could have marked a major shift for Burberry, a brand steeped in British heritage and known for its iconic trench coats and signature check pattern.

A new strategy for Burberry is set to be announced by Burberry's new CEO, Joshua Schulman, this could include lower prices and increase the focus on classic designs.

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