Mulberry rejects Mike Ashley’s bid for boardroom seat
Mulberry has rejected a bid from Frasers boss Mike Ashley to join the board of the luxury retailer, with its CEO Thierry Andretta saying he lacks the “expertise” needed to grow the company.
Frasers Group currently owns a 36.8% stake in the retailer, but Mulberry’s largest shareholder is Malaysian billionaire Ong Beng Seng, who owns 56% of the company, along with his wife.
The Times recently reported that Mike Ashley met the retailer’s executive team to discuss taking a place on the board due to his unhappiness with its poor performance in Asia and a “lack of transparency”.
Mulberry launched a venture with Ong’s Singapore-based company Chalice in 2017 to expand its presence in the far east.
Ashley’s request has been neither granted nor turned down, with the businessman believed to be in the process of questioning Mulberry’s operation arrangements, how Ong benefits from the Asian venture, and whether the retailer rents property from Chalice.
A Mulberry spokesperson said: “We have a constructive dialogue with all our shareholders and we do not provide public commentary on the details of these conversations.”
In its most recent financial report, Mulberry reported an increase in revenue during its 2023 financial year, as it “continued to deliver on strategic objectives”.