Burberry Group plc (BURBY) shares gained in late afternoon trading Monday after it was revealed Belgian billionaire Albert Frere had increased his stake in the luxury goods company.
Burberry shares were up 1.16% in London and changing hands at 1,663 pence, extending a 4% gain over that past three months.
Frere increased his stake in the British luxury goods house to just over 4% from 3%, a Monday regulatory filing showed. Frere owns the stake through GBL Energy Sarl, an investment firm that owns stakes in energy company Total SA (TOT) - Get Report and drinks provider Pernod Ricard SA (PDRDY) .
Shares in Burberry surged more 3.5% in February to their highest level since May 2015 after Frere's original stake was revealed.
Burberry posted stronger-than-expected sales in its fiscal first quarter as growth in China and its domestic U.K. market offset slowing North American revenue on July 12.
The luxury goods maker said retail revenue grew 3% on an underlying basis to £478 million ($613 million) compared to analysts' forecasts of a 2.5% advance, with comparable sales rising by a better-than-expected 4%.
Marco Gobbetti took the helm of the company on July 1, replacing Christopher Bailey, who remains chief creative officer.