Baugur, the Icelandic investment company that owns some of the best-known names on the British high street, has turned its attention to Main Street, US. Daily Telegraph. Financial Times

Documents filed with the US Securities and Exchange Commission reveal that Baugur has paid around $250m for a stake of 8.1% in department store chain Saks, the operator of 54 upmarket outlets, including the famous Fifth Avenue store in New York.

The stakebuilding is part of a plan by Baugur executive chairman Jon Asgeir Johannesson and chief executive Gunnar Sigurdsson to expand their interests into the US. It could open doors for the pair to introduce some of Baugur’s fashion brands into America.

As well as owning House of Fraser, Baugur also has stakes in Debenhams, Oasis, Coast, Karen Millen, French Connection, Moss Bros and Woolworths.