Mulberry remains in the hands of the Ong family: No sale to Frasers Group planned

In a clear statement, Challice Investment, which is controlled by Singaporean businessman Ong Beng Seng and his wife Christina, rejected the purchase offer from Mike Ashley's Frasers Group. Despite an increased offer of £111 million, the billion-dollar company showed no interest in selling its shares in luxury handbag manufacturer Mulberry. Challice currently holds 56.4 percent of Mulberry's shares. Challice emphasized its support for Mulberry and its current management team, stating that the timing of a potential sale is inappropriate. The Ong family firmly believes in the long-term value of the Mulberry brand and views the offer from Frasers as a distraction. Mike Ashley's Frasers Group, which now owns 37 percent of Mulberry's shares, recently increased the offer to £1.50 per share. Nevertheless, it remains challenging for Frasers to gain a majority, as Challice does not intend to lend its support. Challice urges Frasers to withdraw the offer and points out that an acquisition is not possible without its support. Frasers Group had recently criticized Mulberry's lack of strategic alignment and suggested that the company might soon require additional financial resources. Despite this criticism, Frasers' offer remains unanswered.