Mike Ashley is looking to promote himself to the board of luxury handbag maker Mulberry, sparking a potential battle.
According to the Telegraph, Ashley met with Mulberry’s chairman Chris Roberts and CEO Thierry Andretta in recent weeks to request a seat at the table, which is yet to be granted or denied.
Ashley, who owns 37% of Mulberry’s AIM-listed shares via Frasers Group, is said to have become frustrated by the lack of transparency surrounding Mulberry’s Asian business.
Singapore-based Malaysian billionaire Ong Beng Seng, and his wife Christina, own the majority 56% stake in Mulberry.
Mulberry signed a deal with Challice, Ongs’ company in Singapore, in 2017 which established a joint venture to expand the handbag maker in the Far East.
Ashley and his advisers are seeking clarity on how the venture operates, including how the Ongs benefit.
Mulberry’s bags are sold in House of Fraser stores and website, as well as Flannels, which was also acquired by Frasers in 2017.
Shares in Mulberry have struggled since the collapse of House of Fraser in 2018, which acted as the main UK market for its handbags.
The stock is down 66% since May 2018, changing hands at 260p.