British retail tycoon Mike Ashley has acquired a 12.5% stake in struggling luxury fashion brand Mulberry.
Ashley’s Frasers Group aim for 2020, was to move into upmarket fashion, and away from its traditional sportswear stores.
A spokesperson for Frasers Group said: “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.”
Mulberry are producers and retailers of leather handbags and other luxury fashion items, which Frasers described as a “global luxury brand with a rich British heritage”.
The fee for the acquisition was undisclosed.