Mulberry’s owner rejects increased £111m bid from Mike Ashley’s Frasers Group

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.