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Burberry shares jumped on Tuesday after Albert Frère’s Groupe Bruxelles Lambert disclosed a 3 per cent stake in the luxury British retailer known for its trench coats.
Shares in the company, which are up 15 per cent so far this year, jumped as much as 5.9 per cent to £17.63 on the news after a filing showed that the Desmarais Family Residuary Trust and Belgian billionaire Albert Frère’s stake was pushed over 3 per cent, which requires GBL to publicly declare its holding.
The news comes as Burberry had returned to growth, with the weaker sterling boosting tourist spending in the UK, and follows a management shake-up, which last year rejected overtures from US handbag and accessories maker Coach.
Marco Gobbetti, formerly chief executive at Céline, a LVMH subsidiary, has taken the top job at Burberry spending his first six months focusing on the company’s Asia-Pacific busines