Cettire founder pockets over $200m in three sell downs
Cettire founder Dean Mintz has confirmed he has sold an 8.7 per cent stake in the luxury good seller pocketing a staggering $100 million.
The Australian Financial Review’s Street Talk column reported that the businessman, on the Financial Review Young Rich List with a fortune of $252 million last year – sold the shares at a price of $3 on Thursday.
Dean Mintz. AFR
Cettire confirmed the sale on Friday morning, telling the market that Mr Mintz had sold 33.3 million shares in the company. He will retain a 37.2 per cent stake and remain the largest shareholder. This is not his first share sale: in March 2022 he offloaded 35 million shares – representing a 9.18 per cent stake – at $1.35 a per share and pocketing over $47.2 million.
He also sold a chunk in November at $1.46 each, snaring $60 million. All up he has banked over $200 million in three sell downs.
In May, Cettire said Mr Mintz did not have any intention to sell shares. However, he decided to take advantage of the significant run higher on Thursday when the stock gained 12 per cent to $3.14 each.
Mr Mintz said on Friday that Cettire was in a strong financial position, with all key markets performing strongly, noting the full-year results released on Thursday. “In response to strong investor demand, undertaking this share sale provides enhanced liquidity and free float, improving the likelihood of achieving major index inclusion in the short to medium term,” he said.
Cettire sells handbags, clothing and shoes ranging from Valentino to Marni and Fendi, but holds no inventory.
Earlier this week Cettire reported revenues doubled to $416.2 million in the last financial year, while EBITDA rose to $29.3 million. Its bottom-line profit reached $16 million from a loss of $19
Read more on afr.com
