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.



Report: L'Oreal in Talks to Buy Migros’ South Korean Cosmetic Unit

The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
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Report: L'Oreal in Talks to Buy Migros’ South Korean Cosmetic Unit

The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)

French cosmetics giant L'Oreal is in final talks to acquire the South Korean skincare business Gowoonsesang Cosmetics owned by Mibelle Group, a unit of Swiss retailer Migros, according to two sources with knowledge of the deal.

An announcement could be made as soon as Monday, one of the people said.

A spokesperson for Migros said it did not comment on market rumors. L'Oreal did not respond to multiple requests for comment.

Mibelle acquired its stake in South Korean Gowoonsesang Cosmetics, which sells skin care products under the Dr.G brand, in 2018.

In February, Migros announced a strategic review for Mibelle Group, saying it wanted to find a new owner for the business.

Mibelle produces cosmetics for its own brands, including Dr.G, Imbue., Lee Stafford, and Mine, as well as for other brands, according to its website.

Dr.G is the No. 1 facial care line in the Korean dermocosmetics market, according to the Mibelle website.

Spanish investment bank Alantra was hired as adviser after the strategic review, to look for buyers for the business, one of the sources said.

A spokesperson for Alantra declined to comment.

Mibelle employs 1,615 people in five countries, with revenues of 661 million Swiss francs ($739.04)in 2023, according to its website.