(Reuters) -British sportswear and apparel retailer Frasers said on Friday it would buy about 4 million shares in Mulberry at 100 pence each, days after its takeover proposal was rejected by the luxury brand.

When Mulberry released a handbag named after the model Alexa Chung, it became the must-have accessory for “it” girls and was credited with helping the luxury fashion brand emerge from the global financial crisis.

Ashley, who first made a run at Mulberry in late 2020, is making a cash offer worth 83 million pounds for the British B Corp accessories brand.

Use precise geolocation data and actively scan device characteristics for identification. This is done to store and access information on a device and to provide personalised ads and content, ad and content measurement, audience insights and product development. List of Partners (vendors)

Mike Ashley’s Frasers Group PLC ($GB:FRAS) has set its sights on the British luxury handbag brand Mulberry Group ($GB:MUL) and made a conditional

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,

The Somerset fashion brand has been hit hard by a downturn in the luxury sector and warned late last week that it would need to raise cash amid concerns about its long-term future