Luxury brand Mulberry has rejected a takeover bid from Frasers Group after consulting with its majority shareholder, Challice Limited, which holds 56.1% of the company. Frasers, which owns 36.8% of Mulberry, made the offer on September 30 to acquire the remaining shares for 130 British pence each, valuing the bid at 83 million British pounds ($110 million). This move followed Mulberry’s recent FY24 financial report, which indicated a loss and raised concerns about its future viability. Frasers criticized Mulberry’s new capital-raising initiative as “wholly unsatisfactory” and expressed a desire to avoid a situation like Debenhams, where a viable business faced administration. Despite the rejection, Mulberry emphasized its plan is to raise £10 million to support its turnaround strategy and highlighted its significant future potential value, which Frasers’ offer did not acknowledge.