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Frasers Group, formerly known as Sports Direct, has acquired a stake in the British luxury leather goods brand.
Frasers Group has bought a 12.5% stake in Mulberry. The amount of the deal has not been disclosed but, based on the handbag manufacturer’s share price, the stake is estimated to be worth almost £19 million (US$24.7 million). "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”, said a statement.
For the 26 weeks ended September 28, 2019, Mulberry’s loss before tax grew wider. Revenue totalled £68.9 million (US$88.49 million) in the period, compared with £68.3 million (US$87.72 million) in the corresponding period of 2018, with revenue generated in the UK falling 4% but growing 12% internationally. Read more here.
As reported by ILM, Mulberry launched its first 100% sustainable leather handbag on December 6, which sold out in most colourways within three days of its launch. An exclusive interview with Rob Billington, Supply Chain Director, Mulberry, in ILM’s January/February 2020 print and digital edition reveals details of the company’s ambitious sustainability agenda, Mulberry Green, and gives a rare insight into what drives the brand’s philosophy and commitment to leather. To obtain a copy, please click here.