Mike Ashleyâs Frasers Group pulls out of takeover of luxury handbag maker Mike Ashley’s retail empire has confirmed it will not make a formal bid for luxury handbag maker Mulberry. Frasers Group told the stock market that, having built up a 36.8% stake in the Somerset-based company, no further action will be taken. The retailer had until Thursday to make a formal bid or walk away from the takeover process. Frasers Group, which runs Sports Direct and House of Fraser, first took a stake in Mulberry in February, before it more than doubled its holding to around 29% in November.