The founder of Mulberry said the brand would be a more natural fit with the likes of a big luxury player such as LVMH following last week’s takeover bid from Mike Ashley’s Frasers Group.

U.K. retail empire Frasers Group has made a non-binding bid for British luxury handbag maker Mulberry after the company announced a capital raise following poor sales.

Luxury handbag maker Mulberry has received a takeover approach from Mike Ashley's Frasers Group. The offer values Mulberry, which has seen sales fall sharply following a downturn in the luxury sector,