Mike Ashley’s Frasers Group bought a 12.5 per cent stake in luxury British handbag retailer Mulberry, the former recently announced. Known earlier as Sports Direct, the UK group provided no payment details, but media speculations say the stake is worth around £19 million. Ashley has made several major investments in high street rivals in recent years.
The group announced that it had bought the shareholding as a part of a ‘key strategic priority’ to reposition his fashion group towards ‘premium third-party brands’, according to British media reports.Mike Ashley's Frasers Group bought a 12.5 per cent stake in luxury British handbag retailer Mulberry, the former recently announced. Known earlier as Sports Direct, the UK group provided no payment details, but media speculations say the stake is worth around £19 million. Ashley has made several major investments in high street rivals in recent years.#
The group has acquired struggling retailers, including the department store chain House of Fraser, Jack Wills, Evans Cycles, Sofa.com and Game Digital. It also has a 26 per cent stake in French Connection.
Top executives at Mulberry, which has been struggling financially, had warned that the UK market was tough and heavy discounting was hitting profits.
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