Asos product director Robert Bready has sold all of his shares in the fashion retailer fuelling rumours he is to exit.

Bready, who has been at the online giant for seven years, has taken £2.6m out of the business by selling his 143,125 shares.

However, Asos told the Daily Mail: “He has not resigned and he is not leaving.”

The retailer insisted that Bready was incentivised through other reward plans. He was recently granted the right to own 788,604 ordinary shares worth £14.7m, which vests in two tranches. The first, worth £7.3m, becomes available at the end of September and the next in a year’s time.

Asos chief executive Nick Robertson said he is seeking a retail director for the business who has “considerable retail pedigree”. It is understood that Bready will report to the new retail boss.