Mulbery’s owner rejects increased £111m bid from Mike Ashley’s Frasers Group

Mulbery’s owner rejects increased £111m bid from Mike Ashley’s Frasers Group

Majority owner, Challice, says it has no interest in selling shares to group that already owns 37% of luxury brand

The owner of the Mulberry fashion brand has rejected an increased £111m bid from Mike Ashley’s Frasers Group to buy the British luxury handbag maker, saying it has “no interest” in selling its shares.

Challice, a group controlled by entrepreneur Christina Ong and her husband, Ong Beng Seng, which owns 56% of Mulberry giving it the power to block any bid, called on Frasers to ditch plans to takeover saying it came at an “inopportune time” for the struggling brand.

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