Burberry on brink of being taken over by Italy's Moncler - report
Updated : 08:02
Luxury fashion brand Burberry is reportedly on the brink of being bought by Italy’s Moncler.
According to correspondence seen by The Mail on Sunday, staff at one of Burberry's flagship London stores have already been told about the takeover.
Speculation about a potential takeover first emerged early this month when industry website Miss Tweed said Moncler was considering a buyout.
A source told The Mail that Burberry has paused discussions with business affiliates who sell its merchandise until more details of the Moncler bid have been confirmed.
They added that staff had been told not to discuss the offer with outsiders "until an official statement has come out".
Founded in 1952, Moncler is now famous for its padded jackets, which are popular with skiers and mountaineers.
In September, LVMH - which owns luxury brands including Bulgari and Stella McCartney - bought a 10% share in Moncler's owner Double R, fuelling speculation that the conglomerate and its billionaire French boss, Bernard Arnault, are behind the move on Burberry.
The Mail said it remains to be seen whether Burberry's new boss Joshua Schulman will address the rumours on Thursday, when he presents the firm's latest financial results.
He is expected to unveil a new strategy which will involve lowering prices and concentrating on its classic designs. The Mail said neither Burberry nor Moncler were prepared to comment.