iNVEZZ.com, Thursday, February 6: Burberry Group (LON:BRBY), the UK’s largest luxury-goods maker, announced today that Jeremy Darroch, CEO of British Sky Broadcasting Group (LON:BSY), had joined its board as a non-executive director and a member of its audit, remuneration and nomination committees.
According to Burberry’s statement, the appointment took effect yesterday and is in line with the fashion retailer’s strategy to focus on delivering long-term shareholder value.
Darroch has been at the helm of BSkyB since 2007, after joining the broadcaster as chief financial officer in 2004. He was previously group finance director of DSG International, a British retail group, formerly known as Dixons Group. Darroch also spent 12 years at consumer goods company Procter & Gamble (NYSE:PG) in a variety of roles in the UK and Europe and served as a non-executive director and chairman of the audit committee of UK clothing retailer Marks and Spencer Group (LON:MKS).
Commenting on Darroch’s appointment to Burberry’s board, Chairman Sir John Peace said: “We are delighted to welcome Jeremy to the Board. His experience leading a global media company combined with his tremendous digital and financial expertise will be great assets as we enter this next exciting phase of Burberry’s global growth, and as we continue to focus on delivering long term shareholder value.”
**Analysts on Burberry share price**
Burberry, which last month released an upbeat third-quarter trading update (Burberry share price benefits from bullish Q3 trading update), had its ‘hold’ rating restated by Deutsche Bank in a research note issued yesterday. The analysts currently have a 1,600p price target on the stock, suggesting a potential upside of 11.50 percent from the current share price.
A number of other brokers have also recently commented on Burberry. On Tuesday, Sanford C. Bernstein reiterated its ‘market perform’ rating on the fashion group, with a 1,630p price objective on the stock. On Friday, analysts at BNP Paribas, who have a 1,680p price target, reaffirmed their ‘neutral’ rating. At the beginning of last week, Goldman Sachs Group Inc. restated its ‘conviction-buy’ rating and 2,225p price objective for the shares.
According to AnalystRatingsNetwork data, two research analysts have a ‘sell’ rating for Burberry, 15 have it as a ‘hold’, six as a ‘buy and one rates it as a ‘strong buy’. The stock’s average rating is ‘hold’ with a consensus price target of 1,613.49p.
In London trading today, the luxury retailer was 0.69 percent up at 1,451.00p as of 10:22 UTC. As of the same time, BSkyB’s share price had risen 0.17 percent to 895.00p.
**As of 10:25 UTC, buy Burberry shares at 1,450.00p.**
**As of 10:25 UTC, sell Burberry shares at 1,448.00p.**
**As of 10:25 UTC, buy BSkyB shares at 895.00p.**
**As of 10:25 UTC, sell BSkyB shares at 894.50p.**
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