Mike Ashley’s Frasers loosens grip on Burberry

Mike Ashley’s Frasers Group has loosened its grip on Burberry, despite ramping up its pursuit of high-fashion names. The retail giant, which owns Sports Direct and Flannels, had built up a position in Burberry over recent weeks but has now faltered in its pursuit of the group. Frasers Group had increased its position in Burberry up to 7.4 per cent as recently as last week. The stake is held through put options, meaning that Frasers has the right to sell them at a fixed price. But Mike Ashley looks to have begun his retreat from the FTSE 100 fashion house, with recent filings showing Frasers’ position in the group was slimmed down to six per cent. Burberry is worth more than £3.8bn, meaning Frasers Group’s holding in the company is still worth about £240m. Ashley’s firm first took a 4.2 per cent stake in the group in July. The British fashion house is in the midst of a turnaround under chief executive Joshua Schulman, who is attempting to reposition the group in the mid-