LONDON, United Kingdom — Danish fashion firm Bestseller United, the biggest investor in ASOS, the fast-growing British online fashion retailer, said on Thursday it would reduce its holding by selling a 2.4 percent stake in the firm.

Aktieselskabet, a unit of Bestseller, said it intended to sell about 2 million ASOS shares through a placing run by Numis Securities.

Bestseller said it had no intention to see its position in ASOS fall below 25 percent in the long term. Before the sale it owned 29.4 percent of the company according to Thomson Reuters data.

Shares in ASOS were down 5.2 percent at 5,675 pence at 0718 GMT.

By James Davey; editor: Sarah Young.