Mulberry's main investor Challice, controlled by Singaporean businesswoman Christina Ong and her husband Ong Beng Seng, did not back Fraser's bid to buy the loss-making brand.
Frasers Group has announced it will abandon plans to buy British luxury brand Mulberry, citing a lack of commitment from the latter's board after two proposals were rejected. Mulberry's main investor, Challice, did not back Fraser's bid to buy the brand. Frasers has renewed calls for its representative to be appointed to Mulberry's board, in the hope that the board will engage positively with Frasers' appointment.
In an updated statement, Frasers, owned by Mike Ashley and Mulberry's second largest shareholder, renewed calls for its representative to be appointed to the Mulberry board, saying it now expects the board to engage positively with Frasers' appointment.
Mulberry rejected Frasers' second proposal worth $143.7 million earlier this week, saying it was “unsustainable”.
Frasers said it is increasingly concerned about brand management, the apparent lack of a business plan amid growing market headwinds and its financial position.
Frasers said he would not like Mulberry to deal exclusively with major shareholder Challice in private on “important matters”.
Fiber2Fashion News Desk (DS)
