Mike Ashley’s Frasers Team Mulberry | Business

Mike Ashley ‘The Frasers Group is considering acquisitions Mulberry After raising its stake in the struggling luxury brand to 37%.

On Thursday, Frasers, formerly known as Sports Direct, announced it was building a new round of stakes in the company, buying 4.3 million shares from Icelandic bank Cupping in a $ 6.45 million deal.

Sportswear Billionaire’s interest in Somerset-based company First appeared in February When he bought 12.5% ​​of its shares. Ashley is keen to move his retail empire further, and in the summer also invested in the German label Hugo Boss.

Frasers said in a stock exchange update that the acquisition panel had waived the usual requirement to bid for the entire company when it acquired more than 29.9% of the shares.

Salis, the company’s largest shareholder, was given the discount because the Ong family in Singapore owns a 56% stake in the vehicle. Nonetheless, Frasers said it would “reserve its right to make a voluntary offer to the company”.

Mulberry, Popular for its basewater and Alexa bags, has been severely affected by the Corona virus locks, which have been forced to close its stores and the department stores it sells and keep high-spending tourists at home.

Under the committee’s terms, Frasers has until Dec. 17 to announce its firm intention to offer the company a chance.

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About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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