UK retail giant increases stake in Mulberry

United Kingdom
Published:  06 November, 2020
Credit: Mulberry

Frasers Group, formerly known as Sports Direct, has more than doubled its stake in the British premium leather goods company.

Owned by British retail entrepreneur Mike Ashley, Frasers Group is reported to have raised its stake in Mulberry from 12.5% to 29.7%, just below the level at which it would have to make a takeover offer for the luxury goods retailer. The majority of the shares is said to have been acquired from Iceland’s Kaupthing bank, which retains a 7.2% stake in Mulberry.

Frasers, formerly known as Sports Direct, was founded by Ashley, as a sports shop in 1982. He acquired the 12.5% stake in Mulberry in February this year. Sources: The Sunday Times/Retail Gazette