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Billionaire Frere Increases Burberry Stake After Share Plunge

Albert Frere, a longtime business associate of Bernard Arnault, raised his holding to 6 percent from 4 percent a day after its shares fell 10 percent on disappointment over Marco Gobbetti’s strategic plan.
Burberry's Autumn/Winter 2017 show | Source: Courtesy
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  • Bloomberg

LONDON, United Kingdom — Billionaire Albert Frere raised his stake in Burberry Group Plc a day after the UK trench-coat maker's shares fell 10 percent on disappointment over new chief executive Marco Gobbetti's strategic plan.

Frere increased his holding to 6 percent from 4 percent, Burberry said in a statement Friday. The UK fashion company’s shares pared losses to 2.1 percent from 4.3 percent earlier in the day after Frere lifted the stake via GBL Energy Sarl.

Frere, a longtime business associate of LVMH chief executive Bernard Arnault, previously increased his interest to 4 percent from 3 percent in July. Frere is an independent director of LVMH and invested in Bordeaux's Chateau Cheval Blanc wine estate alongside Arnault. His Groupe Bruxelles Lambert SA holds stakes in a range of companies, including Total SA and Pernod Ricard SA of France.

Burberry shares plunged Thursday after Gobbetti said the London-based company will expand its lineup of accessories and leather goods and revamp its marketing while investing in store refurbishments, which will cause revenue and the operating margin to remain flat for the 2019 and 2020 fiscal years.

By Eric Pfanner; editor: Celeste Perri.

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