In a statement on the London Stock Exchange this afternoon, Frasers Group said it had acquired a 12.5% economic interest in Mulberry Group, which it described as a “global luxury brand with a rich British heritage”.

Frasers Group said the acquisition was part of “a key strategic priority” being the “elevation of our retail proposition and building stronger relationships with premium third-party brands”.

It said it “looks forward to working more closely with Mulberry for the benefit of shareholders of both companies”.