Further Information: Joint Ve

RNS Number : 4334I

Burberry Group PLC

18 November 2008

 



18 November 2008

Burberry Group plc

Further re: joint venture in Japan

Further to the announcement this morning, Burberry has now signed the joint venture agreement with its longstanding licensing partners, Sanyo Shokai and Mitsui & Co., in Japan.  

The venture, majority owned by Burberry, will develop the retail distribution of Burberry's international non-apparel products in Japan. The venture is planned to be operational in calendar year 2009.

On formation, the gross assets and profits of the venture will be nominal.  Burberry and its partners have agreed to fund the venture in such amounts to be determined based on the requirements of the business at the relevant time. The joint venture agreement also contains customary put and call options.

Burberry and its partners have recently appointed a senior executive who has extensive luxury experience to drive this initiative.

Certain statements made in this announcement are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future results in forward-looking statements.

This announcement does not constitute an invitation to underwrite, subscribe for or otherwise acquire or dispose of any Burberry Group plc shares. Past performance is not a guide to future performance and persons needing advice should consult an independent financial adviser.

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