SPORTS Direct owner Mike Ashley has snapped up a stake in British luxury handbag company Mulberry, as the billionaire businessman seeks to rebrand his company as a premium retailer.
Sports Direct, which has recently been rebranded as Frasers Group, has taken a 12.5 per cent stake in the designer brand.
The deal is part of Ashley's brand elevation strategy, which he began with the acquisition of Flannels. The rebranding to Frasers Group was also an attempt to improve the retailer's image, which is currently associated with its discount sporting goods chain.
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