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Mulberry has reportedly rejected Mike Ashley’s efforts to join its board, according to The Times.
It is understood that in recent weeks the Sports Direct founder has met the luxury handbag retailer’s executive team to attempt to join the boardroom.
This comes as he “grew frustrated” about what he believes is a lack of transparency around Mulberry’s poor performing business in Asia.
Ashley owns 36.8% of Frasers Group, despite it ultimately being controlled by Malaysian billionaire Ong Beng Seng and his wife, owning more than 56% of the group.
Mulberry has previously partnered with the Malaysian businessman’s Singapore company Challice, in 2017 to expand the luxury brand in Asia, with Challice carrying a 40% stake in the venture.
According to The Times, it is understood that Ashley is seeking more information about how the arrangements operate and whether the group rents property from Challice, and how the Ongs benefit from the deal.
However, the request has not yet been granted or turned down.
A Mulberry spokesperson said: “We have a constructive dialogue with all our shareholders and we do not provide public commentary on the details of these conversations.”
Chief executive Thierry Andretta also dismissed Ashley’s attempts to gain a seat on the board, saying that while he is “an important shareholder and a successful businessman, we don’t consider he has the expertise that we need to grow the company”.
