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LVMH to Build New Workshop Making Louis Vuitton Bags in Italy 

A Louis Vuitton bag is seen in a shop in downtown Rome, Italy March 1, 2016. (Reuters)
A Louis Vuitton bag is seen in a shop in downtown Rome, Italy March 1, 2016. (Reuters)
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LVMH to Build New Workshop Making Louis Vuitton Bags in Italy 

A Louis Vuitton bag is seen in a shop in downtown Rome, Italy March 1, 2016. (Reuters)
A Louis Vuitton bag is seen in a shop in downtown Rome, Italy March 1, 2016. (Reuters)

LVMH, the world's largest luxury goods group, plans a new factory in Italy producing Louis Vuitton bags and other leather accessories, the Tuscany region said on Friday. 

The workshop will be the largest in Italy entirely dedicated to making these products for Louis Vuitton, said the region, which signed a Memorandum of Understanding (MoU) with LVMH. 

It will be located in the small town of Sieci and will be the third making Louis Vuitton goods in the Tuscany region. 

The MoU has a duration of three years and envisages that the total number of staff employed by LVMH in the region will rise to 450, from 270 at present.  

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Fashion

Mulberry Majority Shareholder Rejects Selling to Frasers

Signage is seen on the Mulberry store in Manhattan, New York City, US, November 24, 2021. (Reuters)
Signage is seen on the Mulberry store in Manhattan, New York City, US, November 24, 2021. (Reuters)
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Mulberry Majority Shareholder Rejects Selling to Frasers

Signage is seen on the Mulberry store in Manhattan, New York City, US, November 24, 2021. (Reuters)
Signage is seen on the Mulberry store in Manhattan, New York City, US, November 24, 2021. (Reuters)

The majority shareholder in luxury brand Mulberry on Sunday said it had no interest in selling any of its stake to sportswear and apparel retailer Frasers Group, in a statement designed to end Frasers' takeover attempt.

On Friday Frasers, Mulberry's second-largest shareholder, increased its bid after the brand, known for its handbags and belts, rejected an initial offer of 83 million pounds ($108 million) saying it undervalued the company.

In a response issued on Sunday, Challice, Mulberry's Singaporean backer which holds a 56% stake, said: "Challice believes that it is an inopportune time for Mulberry to be sold and particularly regrets the distraction that the possible offer is bringing to the company and its management team at this time.

"Challice has no interest in either selling its Mulberry shares to Frasers or providing Frasers with any irrevocable or other undertaking with regards the possible offer."

Under UK takeover rules, Frasers has until Oct. 28 to make a firm offer for Mulberry or walk away.

"Challice hopes that by making its position clear, Frasers will be encouraged to announce that it does not intend to make an offer for Mulberry," the Challice statement said.