Mike Ashley's Frasers Group buys 12.5% stake in Mulberry

Mike Ashley’s Frasers Group, formerly Sports Direct, has bought a 12.5% interest in luxury handbag maker Mulberry.

"A key strategic priority for Frasers Group is the elevation of our retail proposition and building stronger relationships with premium third party brands," it said on Monday.

"Frasers Group looks forward to working more closely with Mulberry for the benefit of shareholders of both companies."

The purchase price was not disclosed but based on Monday’s closing share price, the stake is worth just under £19m.