The owner of Sports Direct and House of Fraser has reduced its stake in Hugo Boss after previously upping its investment into the luxury fashion house.
Frasers Group said it now owns 3.9% of Hugo Boss’s total share capital, a decline from the 4.3% that it previously owned.
The retail empire, headed up by billionaire entrepreneur Mike Ashley, has been pursuing ambitious growth and expansion plans in recent months.
On Friday, Frasers revealed its maximum exposure in Hugo Boss had dropped 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. Over the past month, its share price has gone up by nearly a tenth.
Frasers said it now owns 3.9% of Hugo Boss’s shares while it also has a 25% interest via put options, down from the 28.5% it previously had.
