Mulberry shares on the rise after acquisition

AIM-listed fashion firm Mulberry (LON:MUL) saw its share price rise by 4.56% to 275p (as of 09:15 BST) after it bought the 40% stake in Mulberry Korea previously held by its local partner. The group now holds 100% of the Korean operation.

CEO Thierry Andretta said: “Over the last eighteen months, we have recruited a new management team and taken day to day control of the business in South Korea, an important market for luxury goods where the Mulberry brand has significant growth potential. We would like to thank our longstanding partner, SHK, for its invaluable contribution in developing Mulberry in South Korea, our second biggest retail market globally. Taking full ownership of our business marks an exciting development in advancing our international omni-channel and digital strategy“.