British luxury fashion brand Burberry has signed an agreement to acquire a business from its longstanding Italian supplier, Pattern SpA. The acquisition includes employees, equipment, and inventory, with the agreed price set at €21 million, subject to closing conditions and standard adjustments.
The acquisition will enable Burberry to secure capacity, build technical outerwear capability, and further embed sustainability into its value chain. With this strategic investment, Burberry will gain greater control over the quality, delivery, and sustainability of its products, and enhance its capabilities in building on the strong foundations of its manufacturing centres in Yorkshire, UK, Burberry said in a media release.
For almost 20 years, Burberry has partnered with Pattern to produce luxury ready-to-wear products including quilts and downs at the Italian company’s product development site in Turin, Italy.
Jonathan Akeroyd, CEO, commented: “This strategic investment is an important next step in bringing our outerwear category to full potential. It will enhance our capabilities, building on our strong foundations in the UK, and provide greater control over the quality, delivery, and sustainability of our products. It’s an exciting development and I am delighted to welcome our new colleagues on board.”
Approximately 70 of Pattern’s employees in Turin will join Burberry on completion of the acquisition, which is expected to take place later this year. The newly acquired operations will remain at the current site in Turin, Italy.
Pattern aims to achieve carbon neutrality at its Turin site by 2023 and use only renewable sources of electricity at its facilities.
Source : Fibre2Fashion