British handbag maker says it is raising cash for turnaround and does not need offer from Sports Direct owner

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The British handbag maker Mulberry has rejected an £83m takeover proposal from Mike Ashley’s Frasers Group as too low, insisting instead that it would push on with a planned fundraising to support a turnaround.

The luxury brand said it had considered the approach carefully and consulted its 56.1% majority shareholder Challice, controlled by the Singaporean entrepreneur Christina Ong, who had “no interest” in pursuing the possible offer.