Frasers Group has cut its stake in the luxury Hugo Boss fashion brand.
The Derbyshire-based retail group – which includes Sports Direct, Flannels and House of Fraser – said it had cut its stake in the business from 4.3 per cent to 3.9 per cent.
The retail empire, founded up by billionaire entrepreneur Mike Ashley, has been pursuing ambitious growth in recent months.
In October, it upped its investment into Asos, becoming the fourth largest shareholder in the online fashion retailer that also owns brands including Topshop.
At the same time, it announced it was increasing its maximum exposure to German fashion brand Hugo Boss to about £840 million from £770 million.
According to the PA news agency it has now dropped its maximum exposure in Hugo Boss to around £580 million.
Hugo Boss, which is listed on Germany’s Frankfurt Stock Exchange, has enjoyed a boost in its share price since Frasers last upped its stake. Its share price has gone up by nearly 10 per cent in the last month.
Shares in Frasers Group were down by around 1 per cent at lunchtime on Friday.