Frasers Group will not make formal bid for Mulberry
Mike Ashley’s Frasers Group has issued a statement saying that it will not make a formal bid for luxury accessories brand Mulberry.
Frasers already has a 36.8% stake in the business and last month said it was considering a takeover of the brand. However, it has now said that it does not intend to make an offer.
Mulberry has suffered during the coronavirus pandemic with revenue falling by 29% to £48.9 million in the six months to 26 September after the majority its stores were forced to close during lockdowns.
In a statement issued this morning, Godfrey Davis, chairman of Mulberry, said: “We continue to make significant progress in building Mulberry as a sustainable global luxury brand, creating value for all our stakeholders. This is focused around our omnichannel network and market leading digital platform; increasing our Asian footprint; and a relentless focus on innovation and sustainability, offering our customers beautiful products, made to last in our Somerset factories.”
