Source: www.fibre2fashion.com
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.
Pattern aims to achieve carbon neutrality at its Turin site by 2023 and use only renewable sources of electricity at its facilities.
