The founder of Sports Direct has acquired a minority stake in the British company, Mulberry, which ended the first half of the year with losses of 9.8 million pounds (12.8 million dollars).
Mike Ashley enters the capital of Mulberry. The founder of the Sports Direct chain has acquired 12.54% of the British fashion company, according to the Financial Times. Mike Ashley has entered Mulberry’s capital via House of Fraser. Participation is valued at nineteen million pounds (24.3 million dollars).
Mulberry ended the first half (closed on September 28) with losses of 9.8 million pounds (12.7 million dollars). However, its revenue increased slightly to 68.9 million pounds (89.8 million dollars).
Mulberry is owned by Ong Beng Seng and Christina Ong and is one of the main suppliers of House of Fraser. Based in Singapore, the NGOs hold a 56% stake in the company and the rest of the shares are listed on the London Stock Exchange. Mike Ashley, on the other hand, also owns other companies such as House of Fraser, Jack Wills, and Flannels.
Mike Ashley also has 30% of Debenhams shares. In this context, the owner of Sports Direct wanted to take control of the company that, to halt Ashley, requested a loan of 150 million pounds (191 million dollars) from its current creditors.