Company briefs: Burberry Group

Burberry said sales accelerated and operating profit will probably surge about 35 per cent in the current year as the British maker of trench coats and other luxury fashion items sells more products at full prices.

The company released the forecast as it reported better-than-expected revenue for the last three months of the year. Comparable store sales grew 7 per cent in the period, the London-based company said in a statement yesterday.

Analysts surveyed by Bloomberg were expecting a 5.1 per cent gain. Sales for the quarter have yet to surpass the same period in 2019.

BLOOMBERG

---

GlaxoSmithKline

GSK's research and development chief is set to step down this year after the company splits in two, becoming chief executive of a Silicon Valley start-up. Mr Hal Barron, an American scientist who has overseen drug development efforts, will hand over the role of chief scientific officer to Glaxo scientist Tony Wood in August, the company said yesterday.

The move comes at a pivotal moment for Glaxo as the company prepares to spin off its consumer business in mid-2022, with the possibility of a sale now on the table after it emerged Unilever has made three bids for the unit in recent months.

BLOOMBERG

---

Music Tribe

Music Tribe, whose audio equipment has been used by artists from U2 and AC/DC to Earth, Wind & Fire, is exploring strategic options including a stake sale amid interest from potential investors.

The company has hired JPMorgan Chase to help assess both investment funds and strategic players, according to people familiar with the matter.

Founded and led by entrepreneur Uli Behringer, Music Tribe could be valued at about US$2 billion (S$2.7 billion) based on growth prospects, as well as other industry transactions and peer trading multiples, the people said.

BLOOMBERG