Mulberry has rejected an acquisition approach from Frasers Group. The board of Mulberry, with Challice holding a 56% stake and Mike Ashley at 37%, has turned down the bid. This move sets the stage for a potential prolonged power struggle over the British luxury brand. Despite the rejection, it is widely expected that Mike Ashley, the Sports Direct tycoon, will continue his pursuit of Mulberry, putting the company at the center of a significant corporate battle. Singapore billionaires have also knocked back Ashley's bid, raising concerns among public and minority investors.