Majority owner, Challice, says it has no interest in selling shares to group that already owns 37% of luxury brand

The owner of the Mulberry fashion brand has rejected an increased £111m bid from Mike Ashley’s Frasers Group to buy the British luxury handbag maker, saying it has “no interest” in selling its shares.

Challice, a group controlled by Singaporean entrepreneur Christina Ong and her husband, Ong Beng Seng, which owns 56% of Mulberry – giving it the power to block any bid – called on Frasers to ditch plans to take over, saying it came at an “inopportune time” for the struggling brand.