Italy’s Moncler is not in talks to take over Burberry, four sources close to the matter said on Monday 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 percent. The stock was up more than 3 percent 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.
By Helen Reid and Elisa Anzolin
Learn more:
Burberry Shares Jump on Report of Moncler Takeover Bid
Burberry’s stock jumped more than 7 percent after speculation emerged that Italian competitor Moncler could be exploring a potential acquisition of the British luxury brand.
