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BRIEF-Burberry does not expect to announce new creative lead soon

Nov 9 (Reuters) - Burberry Group

* Cfo brown says ambition to improve op margin significantly from current 17 percent, although not to level of luxury leather goods companies, which are around 26 percent

* Ceo gobbetti says we have started process to find right creative lead, dont expect any announcement any time very soon

* Ceo gobbetti says outerwear will remain a fundamental part of burberry

* Ceo gobbetti says burberry pretty well priced in outerwear, other items need price adjustment

* Ceo gobbetti says it will take a couple of years to rationalise u.s. Distribution

* Ceo says there will be an element of price in growth forecast and there will be volume growth as well

* Ceo says no intention of shutting out customers through pricing

* Burberry cfo says targeting a 300 basis points increase in operating margin in five year period

* Cfo says underlying inflation in cost base is running at about 4 percent Further company coverage: (London newsroom)