Mike Ashley is keen to bring his retail empire more upmarket through his Flannels stores (Giles Anderson/PA) Under Takeover Panel rules, any group which takes a stake of more than 30% in a business is typically required to make an offer to buy it entirely. However, because another investor already owns a majority stake in Mulberry Frasers was under no obligation to make a full-scale takeover. Challice, the investment vehicle for Singapore’s Ong Family, owns around 56% of the business. Frasers also acquired a stake in German luxury brand Hugo Boss this year as it pushes forward with efforts to shift its image to be more upmarket.