- Huw Hughes |
Frasers Group has increased its stake in British luxury handbag label Mulberry from 12.5 percent to 29.6 percent.
“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,” Michael Murray, Frasers Group head of elevation, said in a statement. “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,” he added.
Frasers Group, formerly known as Sports Direct, first bought a stake in Mulberry in February as part of the company’s efforts to reposition itself as more upmarket.
The group said at the time: “A key strategic priority for Frasers Group is the elevation of our retail proposition and building stronger relationships with premium third party brands. Frasers Group looks forward to working more closely with Mulberry for the benefit of shareholders of both companies.”
Frasers Group, which owns House of Fraser, Flannels, Jack Wills and Evans Cycles, also bought shares in Hugo Boss this year.
Chief Mike Ashley has previously said he wants Frasers to become the “Harrods of the high street”.
Photo credit: Mulberry