LONDON (Reuters) – British sportswear retailer Frasers Group said on Friday its maximum exposure to German fashion house Hugo Boss had fallen to 580 million pounds ($691 million).

Frasers, which was formerly called Sports Direct and is on a drive to move upmarket, said it now holds 3.9% of Hugo Boss stock directly and a further 25% via the sale of derivatives known as put options.

($1 = 0.8391 pounds)

(Reporting by James Davey; editing by Sarah Young)