Mulberry Group Plc has rejected an £83 million takeover bid from Mike Ashley's Frasers Group, asserting that the offer undervalues the luxury handbag maker's future potential. The company's majority shareholder, Singapore-based Challice, which controls 56.1% of Mulberry, supports its current strategy and has no interest in the bid. Instead, Mulberry plans to proceed with a capital-raising initiative to generate £10.75 million, believing this will provide a solid foundation for a turnaround under newly appointed CEO Andrea Baldo. The firm reported a significant pre-tax loss of £34.1 million for the past year, with revenues dropping 18% as affluent consumers cut back on spending. Frasers Group, already a 37% stakeholder in Mulberry, criticized the lack of engagement regarding this financial strategy. The board remains committed to its plan and has no intention of withdrawing from the capital-raising efforts.