French luxury goods group PPR, the business behind brands including Gucci, Stella McCartney and Alexander McQueen, has quashed speculation that it intends to acquire British luxury retailer and brand Burberry.

A PPR spokeswoman said: “Burberry is a very beautiful brand, but it does not match the selection criteria for our luxury portfolio.”

Shares in Burberry have spiked this week following speculation about a deal.

PPR, which has said previously that it intended to divest some of its retail assets to fund expansion in its ‘lifestyle’ division, is in talks at present to sell furniture chain Conforama, prompting speculation about of further deals.

As well as Burberry, lifestyle retailer and brand Quiksilver has also been talked about by market insiders as a target for PPR.

The PPR spokeswoman declined to comment on speculation about a Quiksilver deal. 

A Burberry spokeswoman declined to comment.