Economic news
Moncler not in talks to take over Burberry, sources say
2024.11.11 11:00
By Helen Reid and Elisa Anzolin
LONDON/MILAN (Reuters) -Italy’s Moncler (MI:) is not in talks to take over Burberry (LON:) , four sources close to the matter said on Monday (NASDAQ:) in response to a report by Britain’s Mail on Sunday that a bid by Moncler was imminent.
Shares in the British luxury brand reversed course after the Reuters report, and were last down 2.2%. The stock was up more than 3% early on Monday on the back of the Mail on Sunday report, the second in a week saying Moncler was preparing a bid.
Burberry will report half year results on Thursday. New CEO Joshua Schulman is expected to announce a strategy update after the brand suffered significant sales declines.
