Mulberry founder Roger Saul is cozying up to LVMH amid a bidding war
- Saul admitted that Mulberry had struggled in recent years
Fashionistas: Roger Saul with his wife Monty
The founder of Mulberry last week ruled out an £83 million bid from retail magnate Mike Ashley.
Roger Saul, who founded the company in Somerset in 1971, said it would be a better fit for a European luxury player like LVMH.
He admitted that Mulberry had struggled in recent years.
“The company needs to get back to the spirit of the brand as a whole,” he said.
‘It has faded away. It has become too dependent on handbags.’
Singaporean billionaire Ong Beng Seng has a controlling stake but is trying to fend off Ashley, the second-largest shareholder.
Ashley made the offer, which was rejected, as he aims to make his empire more expensive.
Saul added: “Ashley is a good retailer, but the company has run into problems and a battle has arisen. LVMH could intervene. It is a strong brand. To build such a brand from scratch would cost hundreds of millions of euros.’
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