Unity Investments has reduced its holding in French Connection to 17.65 per cent.
The consortium, which includes Icelandic investor Baugur and retail entrepreneur Kevin Stanford, had previously held 20.13 per cent in the fashion retailer.
It is understood that the reduction is the result of a series of sales by Kaupthing Luxembourg following the bank's collapse into administration last month.
Kaupthing Luxembourg held 3 per cent of Unity’s holding in the fashion retailer.
The change in holding was announced on the same day as Unity sold its 28.45 per cent stake in Moss Bros to Sir Philip Green.
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