Major French retail group Pinault Printemps Redoute SA on Friday said it had lowered a put option price on shares in luxury goods giant Gucci Group NV it does not already own to $85.52 from $101.50.

The firm currently holds a 65.6 per cent stake in Gucci which it has built up on a regular basis. It will bid for the remaining 34.4 per cent stake next year.