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Albert Frere, a Belgian billionaire, has raised his stake in Burberry from 4 to 6 percent a day after the quintessentially British luxury retailer unveiled a plan to go further upmarket.

Frere – who along with other activist investors prompted a turnaround at German sportswear maker Adidas after taking stakes in 2015 – first disclosed a 3 percent stake in Burberry in February.

The holding is owned by a subsidiary of Frere’s Groupe Bruxelles Lambert (GBL), which also has investments in French drinks company Pernod Ricard and energy firm Total.

Analysts at Berenberg said Frere’s greater investment was positive. “The news should reinstate some confidence amongst investors, confirming our view that despite the short-term downside risks to earnings, the company is on the right path to long-term success,” the analysts said in a note.

Burberry shares fell sharply on Thursday as investors doubted new Burberry’s CEO’s overhauling plan and the longer-than-expected turnaround time he outlined. Growth in revenue and operating profit will take until 2021, he said.

As a result, the stock was down another 2.3 percent at midday on Friday.