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Mulberry’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. On Sunday, Challice welcomed Frasers decision to participate in the fundraising round in which the Sports Direct owner bought £3.9m of new Mulberry shares. Thierry Andretta, who led Mulberry from 2015, oversaw a push to take it upmarket, but the arrival of Baldo, who previously ran the fashion label Ganni and was involved in a turnaround at the Italian streetwear brand Diesel, is expected to herald a shift back to a broader appeal.

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