Mexican billionaire Carlos Slim sold 1.5 million of his shares in Saks Inc, leaving him with 25 million, enough to still be the luxury retailer's top shareholder.

Slim's investment vehicle, Inmobiliaria Carso SA De CV, sold the shares on Monday and Tuesday, according to filings with the U.S. Securities and Exchange Commission on Wednesday evening.

The sale prices ranged between $11.77 and $11.94.

Shares were trading down 1.9 percent on Thursday afternoon at $11.59. They have risen 42 percent since hitting a 52 week low a year ago.

Saks' second biggest shareholder is Diego Della Valle, chief executive officer of Italian luxury footwear company Tod's SpA , with 22.7 million shares, according to Thomson Reuters I/B/E/S.