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The founder of fashion chain Superdry has sold-off just under £50m worth of shares to fund his divorce.
SuperGroup, the firm’s owner, confirmed Julian Dunkerton had completed the sale of 40 million shares at around £12 per share.
Mr Dunkerton, who founded the firm in 1985 from a market stall in Cheltenham, will still be the largest shareholder with a 27% stake in the group.
Shares in the retailer, famous for its hoodie tops and t-shirts, fell by 6%.
Superdry products are sold in over 100 countries and the company runs around 135 stores in the UK.
Mr Dunkerton is the group’s product and brand director after stepping down as its CEO in October 2014.
He was replaced by Euan Sutherland, the former boss at the Co-op, in a move aimed at boosting the operational capabilities of the business.