The Mike Ashley-owned group said the move was a “key strategic priority”, and follows on from previous acquisitions of premium brands.
Last November, the former Sports Direct International group rebranded as Frasers Group as part of a “multi-channel elevation strategy” that aimed to provide “unrivalled multi-brand offering to customers across sport, lifestyle and fashion”.
The rebrand followed the retail group’s £90m acquisition of House of Fraser in a rescue deal last year. Since then, the group has also acquired Jack Wills in a pre-pack deal, as well as video game retailer GAME and Evans Cycles.
While the sale price of the stake was not disclosed, The Guardian believed it would have been worth just under £19m based on Friday’s share price, when the transaction took place.
In a statement, the group said: “Mulberry is a global luxury brand with a rich British heritage.
“A key strategic priority for Frasers Group is the elevation of our retail proposition and building stronger relationships with premium third party brands.”
It added: “Frasers Group looks forward to working more closely with Mulberry for the benefit of shareholders of both companies.”