SuperGroup’s founder sells 53 million pounds worth of shares in the fashion group

Julian Dunkerton, founder of British fashion company SuperGroup will sell a 4.9 percent stake worth 53 million pounds in his first share sale since the fashion retailer listed on the stock market six years ago.

As reported by British media, Dunkerton will use the proceeds of the sale to fund a recent divorce settlement.

Despite the divestment, Dunkerton will still remain the largest shareholder in the company with a 27.2 percent stake.

On the wake of the news, SuperGroup's shares closed 31 pence, or 2.2 percent, lower at 13.29 pounds on Thursday following the share sale. The stock got its ‘outperformance’ rating restated by RBC Capital in a report published on Monday, ARN reports. The firm currently has a 1,800 pence price objective on the stock.