READY, SET, BURBERRY: Burberry begins trading on the London Stock Exchange today under the ticker symbol BRBY.L after fixing its price at $3.45 a share on Thursday. The share price, as expected, is at the bottom end of the range that Burberry announced last month due to unfavorable market conditions and gives the firm an initial market capitalization of $1.73 million. “We are pleased with the response to the partial flotation of Burberry in such challenging market conditions,” said Rose Marie Bravo, chief executive of Burberry. “We look forward to creating further value for both our new and existing shareholders.” Parent GUS will float 22.5 percent of Burberry’s share capital and retain a 77.5 percent stake in the company.
CONGRESSIONAL REPORT: The House Commerce Committee and its oversight and investigations subcommittee have asked bankrupt Kmart to provide records showing how its board oversaw company management as far back as the early Nineties. Kmart has to respond to the request by July 17. Kmart, Tyco International, Rite Aid, Enron, WorldCom and Sunbeat are among 13 companies being scrutinized by the lawmakers. As reported, Kmart is already cooperating in ongoing investigations by the Securities and Exchange Commission and the FBI. In a separate matter, the Securities and Exchange Commission said it is requesting an extension of time in which to file a claim against Kmart’s estate. The original deadline was July 31.
FERRE NAMES SEROY: Sandra Seroy has been appointed vice president of sales at Gianfranco Ferré USA Inc. This new role was created to bolster Ferré in the American market, which is becoming increasingly important for the Milan-based fashion house. Before joining Ferré, Seroy headed her own consulting firm, which gave marketing and business support to European designers making inroads in America. Upon taking the Ferré post, Seroy closed her company.
REEBOK’S BID TO BOOST SHARE: Reebok International is teaming with e-commerce services provider GSI Commerce in a play to launch an e-tail Web site by Sept. 30. The new online store, at reebok.com, will feature a broad selection of the athletic marketer’s top-tier product, including NFL, NBA, Classic and Rbk merchandise. The Reebok.com venture reflects the Canton, Mass.-based company’s goal of gaining market share, in this case by offering its leading items and marketing initiatives in one place.
This story first appeared in the July 12, 2002 issue of WWD. Subscribe Today.