// Frasers Group increases stake in Mulberry from 12.5% to 29.7%
// Move is part “key strategic priority” to elevate Frasers Group’s retail proposition
Frasers Group has more than doubled its stake in luxury handbang retailer Mulberry from 12.5 per cent to 29.7 per cent.
Mike Ashley’s retail empire, which owns the likes of Sports Direct and Flannels, first purchased its 12.5 per cent stake in Mulberry in February this year.
The move was part of a “key strategic priority” to elevate Frasers Group’s retail proposition and build “stronger relationships with premium third-party brands”.
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Ashley has been keen to grow his high street operations and turn to more upmarket products through the rolling out of his Flannels stores, which sells luxury clothes.
On the other hand, Mulberry already sells its products in House of Fraser stores.
“We are proud to show our commitment to this growing relationship between Mulberry and the Frasers Group by increasing our investment in this iconic British brand,” Frasers Group head of elevation Michael Murray said.
“We have been working with Mulberry for a number of years in House of Fraser and are looking forward to launching Mulberry into Flannels in the coming weeks.”
Ashley has made several major investments in high street rivals in recent years, and has been battling with the government to overhaul business rates.
Investments in the past have included JD Sports, Tesco, French Connection and Debenhams – but not all have led to success.
More successful have been his takeovers of Evans Cycles, Game Digital, Sofa.com, Jack Wills and House of Fraser.