Mulberry: Mike Ashley's Frasers Group makes bid for handbag maker

Published On Sep 30, 2024, 7:27 AM

Mike Ashley's Frasers Group has made a bid for luxury handbag maker Mulberry, valuing the company at £83 million. Frasers Group, which already owns a 37% stake in Mulberry, initiated the offer after Mulberry announced it was seeking to raise £10 million due to a downturn in sales. Ashley's group aims to return Mulberry to profitability, expressing dissatisfaction with its current management. Given Mulberry's severe drop in share value over the past year, the situation has heightened urgency for Frasers Group to take control.