Frasers said on Monday that it had only been made aware of the 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 it was also “exceptionally concerned” at an opinion by Mulberry’s auditor in its annual report, published on Friday, which noted there was “material uncertainty related to going concern”.
It said: “As a 37% shareholder, Frasers will not accept another Debenhams situation where a perfectly viable business is run into administration.”
Debenhams went into administration in 2019 after several years of falling sales, with the Covid pandemic being the final blow.
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.
In its most recent full-year results, external, Mulberry revealed a £34.1m pre-tax loss for the 12 months to March compared with a £13.2m profit the year before.
Group sales dropped by 4% over the year, and since March the company also revealed that revenues had sunk 18%.
Chairman Chris Roberts said the luxury sector had faced “significant challenges” over the past year, with “markets across the globe facing a tightening of consumer spending”.
