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Burberry set to buy out franchisees in China

Burberry set to buy out franchisees in China

The fashion company Burberry says it has agreed to buy out its franchisees in mainland China.
Burberry said Friday that it will pay abut 70 million pounds ($108 million) to take full control of 50 stores in 30 cities including nine stores in Beijing and four in Shanghai.
Burberry is acquiring the stores from its master franchisee, Kwok Hang Holdings Ltd. of Hong Kong.
The company says it plans to open 10 more stores in mainland China this year.


Updated : 2021-02-27 21:23 GMT+08:00