There’s movement on listed luxury retailer Cettire’s register.
Cettire founder Dean Mintz – not this week’s seller. AFR
About 17.4 million Cettire shares changed hands in three separate trades that went through after market close on Monday and Tuesday. The blocks were priced at $3.46 and $3.49.
There was some talk about whether two of the trades cancelled each other, meaning anywhere between 17.4 million to 5 million shares – or 4.6 per cent to 1.3 per cent of the register – turned over.
Sources said Cettire’s founder Dean Mintz and investor Regal Funds Management were not behind this week’s trading in the stock. That leaves Cettire’s biggest institutional investor, Connecticut-based fund manager Cat Rock Capital Management, as the most likely seller.
The firm, founded by former Tiger Global partner Alexander Captain, popped up on Cettire’s register in 2021 and last owned 12.75 per cent of the company.
The fundie has beaten Mintz to trim its position, although it should still have a chunky stake left. All eyes have been on the Young Rich Lister – who owns about 46 per cent of the company – since his shares cleared last escrows after December-half results.
But Mintz looks in no hurry to sell. In the past, he has used Barrenjoey to sell down his position. The most recent one was done at $1.46 a share in November.
The selling looks well-timed; Cettire’s stock has been on the up, gaining near 80 per cent over the past month and 176.8 per cent this year. It last closed at $3.46.
It seems higher interest rates have not hurt big spenders (yet), with sales up strongly over the first four months of calendar 2023. The $1.3 billion company is seeking a greater slice of the $410 billion global prestige goods market.
Regal Funds
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