Frasers, controlled by retail entrepreneur Mike Ashley, who built up the Sports Direct chain of low-cost sports footwear, clothing and equipment, and also owns Premier League football club Newcastle United, acquired an initial 12.5% stake in Mulberry in February.

Commentators described this at the time as part of a strategy that Mr Ashley embarked on several years ago to “elevate” the status of his empire.

On November 2, Frasers Group invested again, taking its share of Mulberry’s equity to 29.6%, just below the threshold at which the group would have to make a mandatory offer to buy out other shareholders.

On the same day, Iceland-based investment company Kaupthing Ehf, reduced its stake in Mulberry from just under 25% to 7.2%. Kaupthing Ehf grew out of the Kaupthing Bank, a financial services company that had to be taken over by the Icelandic government between 2008 and 2011 following the global financial crisis and later collapsed.