Burberry's stock has taken a hit following billionaire Albert Frere's recent sale of his 6.6 percent stake. This accounts for Burberry's biggest slump in nearly four months, according to Bloomberg. Following the sale, the Belgian businessman stands to profit roughly $673 million USD.
As Bloomberg points out, Burberry shares were sold at 1,805 pence a share, 4.2 percent below the closing price on Tuesday. In London, the stock has dropped as much as 7.8 percent.
Burberry had been riding high in recent months, however, largely due to Riccardo Tisci's appointment as creative director in March. The following month, the fashion house's shares jumped 11 percent.
Per MainFirst Bank analyst John Guy, Groupe Bruxelles Lambert's sale “places more doubt on the timing of the brand positioning and turnaround strategy set out by the well-respected CEO.” GBL’s stake had been the largest holding in a company that does not have a representative on the board.
For more on Burberry's current stock tumble, visit Bloomberg.
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