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Frasers Group has announced that it will not be making a formal bid for Mulberry after ongoing rumours of a potential acquisition.
Mike Ashley’s retail group currently owns a 36.8% stake in the business and last month said it was considering a takeover of the brand.
Last month, Frasers Group more than doubled its stake in the luxury fashion company, from 12.5% to 29.7%.
Mulberry’s revenue has fallen by 29% to £48.9m in the last six months to 26 September, after the majority of its stores closed during lockdown.
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.”
