Mike Ashley Takes Stake in Mulberry Group

The controversial Ashley founded Sports Direct and owns the House of Fraser retail chain.

LONDON — Mike Ashley, the British retail entrepreneur who specializes in snapping up distressed companies, has purchased a 12.54 percent stake in Mulberry Group, according to stock market filings by both firms.

Ashley, who owns the British retailers Sports Direct, House of Fraser and Jack Wills, purchased the Mulberry stake through Frasers Group, which was formerly known as Sports Direct International.

A spokeswoman for Frasers Group declined to comment.

Mulberry is not a distressed company, although it has been going through a rocky patch due partly to Ashley. Although Mulberry declined to comment Monday, the Ashley investment must be a bitter pill to swallow.

In the first half ended Sept. 28, losses at Mulberry nearly doubled to 9.8 million pounds as the company continues to suffer from one of its top U.K. accounts, House of Fraser, going into administration in 2018.

In 2018 Mulberry issued a profit warning just weeks after Ashley