Burberry Partial IPO

GUS PLC
29 May 2002



Not for distribution in the United States, Canada, Australia or Japan



                                                                     29 May 2002



                                    GUS plc

                              BURBERRY PARTIAL IPO



GUS plc, the retail and business services group, is pleased to confirm that it
plans to arrange a partial IPO for Burberry, its international luxury brand, in
the coming weeks.



Reasons for an IPO

As previously set out: 
*    A partial IPO will establish a market value for Burberry for GUS 
     shareholders 
*    It is a further step in focusing GUS on fewer activities 
*    It will give Burberry its own currency for growth 
*    It will build on the strong business and financial momentum within Burberry
     that has seen operating profits grow from £10.7m in 1999 to today's 
     reported figure of £90.3m


Timetable

Subject to market conditions, the anticipated timetable is shown below:


Week beginning                               Pathfinder prospectus published
Monday 24 June                               Presentations to analysts and press

Mid-July                                     Dealing commences




John Peace, Chief Executive of GUS plc, commented:



'The plan to float part of Burberry is an important step in the strategic
focusing of GUS. Through the retention of a majority stake in the business, GUS
shareholders will benefit from Burberry's future growth potential while giving
new investors the opportunity to participate directly in this exciting company.'



Rose Marie Bravo, Chief Executive of Burberry, commented:



'Burberry is a distinctive luxury brand with a unique heritage and global
recognition.  The strategy we have implemented over the past few years has
transformed the business.  We have established a strong platform for future
growth through expanding our product ranges, strengthening control of our
distribution channels and expanding our geographic reach.  The planned IPO gives
us the opportunity to share our vision for Burberry with a wider community.'







Burberry intends to list on the London Stock Exchange.  The listing is expected
to be effected by way of an institutional offer in the UK and internationally.
Joint sponsors and joint lead managers to the Offer are Merrill Lynch and Morgan
Stanley.  Cazenove and UBS Warburg are acting as co-lead managers.



Enquiries


GUS              John Peace              Chief Executive           020 7495 0070
                 David Tyler             Finance Director
                 Fay Dodds               Investor Relations

Finsbury         Rupert Younger                                    020 7251 3801
                 Rollo Head





The information contained herein is not for publication or distribution to
persons in the United States. This announcement does not constitute an offer of
securities for sale in the United States, Canada, Australia or Japan.  Shares in
the Burberry Group will not be registered under the US Securities Act of 1933
and will not be offered or sold in the United States absent registration or an
exemption from registration. No public offering of securities will be made in
the United States.



This announcement does not constitute an invitation to underwrite, subscribe for
or otherwise acquire or dispose of any GUS plc or Burberry Group shares. Past
performance is no guide to future performance and persons needing advice should
consult an independent financial adviser.




Stabilisation/FSA





Notes to editors:



Management



Rose Marie Bravo - Chief Executive

Michael Metcalf - COO & CFO

Thomas O'Neill - President



Christopher Bailey - Design Director





History


1856      -     Burberry was founded by Thomas Burberry

1955      -     Burberry was bought by GUS plc

2000      -     Burberry flagship store opened on New Bond Street in London

2002      -     New stores opening 57th Street, New York, Knightsbridge, London 
                and Barcelona, Spain





Store portfolio



At March 2002, Burberry had 69 directly-operated retail stores and concessions
worldwide. Burberry also sells products through leading specialty retailers
worldwide.




                      This information is provided by RNS
            The company news service from the London Stock Exchange