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Article: GUS reins back Burberry's price for flotation
- Article from:
- The Scotsman
- Article date:
- June 25, 2002
- Author:
CopyrightCopyright 2002 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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FASHION label Burberry was priced with a conservative tag of 1.15
billion pounds to GBP 1.45 billion yesterday, as it builds up to
becoming Britain's first listed luxury goods group.
Chief executive Rose Marie Bravo will become Britain's highest
paid female executive on the back of the move, earning a stake in the
company worth up to GBP 14.5 million.
While initial valuations on Burberry valued the firm nearer GBP
1.8 billion, parent group GUS is understood to have reined back the
price of the 230p to 290p offer to lure investors away from Italian
rival Prada, which also plans to hit the market next month.
But Bravo believes Burberry is a better proposal in any case. She
said: "Our brand ...