Burberry has entered into an agreement to acquire a luxury leather-goods business from longstanding Italian partner CF&P in a move which it says will give it greater control over quality and costs.
CF&P employees, including the team of expert craftsmen who have worked closely with the British luxury house for more than a decade, will transfer to the company on completion of the transaction, expected later this year.
Based in the Scandicci region of Italy, CF&P has been manufacturing luxury leather goods since 2003, when it was founded by Carman Paroni, who had been the majority shareholder in the business.
Burberry CEO Marco Gobbetti, who is planning to take the brand further upmarket, hailed the acquisition as 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 leather goods, 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,” Gobbetti said.