But in a statement on Monday, Frasers said it had only been made aware of this plan to raise funds “immediately prior to its announcement”.
“Given this total lack of engagement, we believe the status quo to be an untenable position for Frasers and the other minority holders of Mulberry shares,” it said.
Frasers added that with its “leading retail expertise and presence… we believe Frasers to be the best steward for returning Mulberry to profitability”.
“As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration.”
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “Mike Ashley’s frustration with Mulberry is plain to see.
“Keeping it quiet indicates that the [Mulberry] board didn’t want to give Frasers the early option of owning an even bigger chunk of the company.
“However, investors may also be losing patience, given that Mulberry’s shares have fallen by 52% over the past year.”
Ms Streeter said Frasers Group had already taken steps to “move upmarket”, such as increasing its stake in Hugo Boss.
