LONDON — Burberry Group plc is set to join the most exclusive club on the London Stock Exchange, the FTSE 100.
This story first appeared in the September 9, 2009 issue of WWD. Subscribe Today.
The FTSE 100 is a listing of the companies with the highest market capitalization on the LSE. As of Tuesday’s close, Burberry’s market capitalization was 2.2 billion pounds, or $3.63 billion. The figure has tripled over the past year.
Burberry is the only fashion and luxury goods company currently in the FTSE. By contrast, L’Oréal, PPR and LVMH Moët Hennessy Louis Vuitton are listed on the CAC 40, the benchmark French stock market index.
On Tuesday, Burberry’s shares closed at 5.08 pounds, or $8.38, up 0.5 percent on the previous day.
“Burberry is so fortunate to have such a strong momentum, both at a corporate and brand level,” Burberry chief executive Angela Ahrendts told WWD on Tuesday. “The team remains focused on pursuing our core strategy, which we believe will continue to deliver shareholder value.”
Burberry is set to be drafted into the FTSE 100 after markets close today, when the quarterly reshuffle of companies takes place. Thomson Reuters plc, the news service, is delisting, and Burberry will take its place. Burberry first floated on the LSE in 2002. Its first day of trading as a FTSE 100 company will be Thursday.
Meanwhile, in other Burberry news, the company has named Jordan Daly Webb vice president of public relations, Americas. Daly Webb will be based at the company’s New York headquarters and report to Sarah Manley, senior vice president, marketing and communications, and Eugenia Ulasewicz, president of Burberry Americas.