Frasers Group has announced a £107 million bid for British luxury brand Mulberry, claiming it was 'blindsided' by the brand's recent capital raise plans. Frasers Group says Mulberry is facing challenges including rising costs and changing consumer behavior.
, announced its bid on Monday, three days after the British accessories brand said it was planning a 10.75 million pounds capital raise.It said the offer represented a 30 percent premium to the subscription price of the capital raise, and an 11 percent premium to Mulberry ’s closing price on Sept. 27.Tiffany & Co. Taps Artists, Including Damien Hirst, to Transform Windows at Selfridges
For the offer to succeed, Frasers would need the backing of the Mulberry board of directors and Challice Ltd. Mulberry declined to comment on Monday. Frasers added that it is “exceptionally concerned by latest annual report,” which mentioned a “material uncertainty” in the business going forward. Underlying loss before tax was 22.6 million pounds, compared with a profit of 2.5 million pounds in the previous period. Reported loss before tax was 34.1 million pounds compared with a profit of 13.2 million pounds in the previous year.
Known as the Grim Reaper of the high street, Ashley specializes in buying stakes in distressed companies, or in companies such as Mulberry, which sell through his retail chains.
Finance Frasers Group Mulberry Bid Acquisition Luxury Goods
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rwanda's army and an armed group shelled displaced people camps in Congo, rights group saysA leading rights group says Rwanda’s army and a militia it backs shelled camps for displaced people in eastern Congo. Human Rights Watch also accused Congo of abuses against civilians.
Read more »
Done Deal: Ed Morse Automotive Group buys seven car dealerships from Lawley Automotive GroupAlexis Ramanjulu is KGUN 9's Cochise County reporter. Send your story ideas to Alexis at alexis.ramanjulukgun9.com.
Read more »
Warner Music Group Announces Restructure of Atlantic Music Group, Including LayoffsAs part of a broader restructuring at Atlantic Music Group, a number of staffers were laid off today as Elliot Grainge prepares to take over as CEO.
Read more »
Teachers in Belarus are targeted for links with 'extremist' group, says rights groupA respected human rights organization in Belarus says dozens of teachers have been detained or interrogated by authorities as part of the country’s wide-ranging crackdown on dissent.
Read more »
Mulberry Raises Fresh Funds Amid Losses, Falling Sales in Fiscal 2024Mulberry swung to a double-digit loss in the fiscal year ended March 30, and plans to start afresh with 10.75 million pounds in new funding.
Read more »
Feast of San Gennaro 2024 kicks off in Little Italy today: What to knowThe Feast of San Gennaro in NYC is a tradition on Mulberry Street.
Read more »