Belgian billionaire Albert Frere is planning to sell his entire £520m stake in Burberry just over a year after first disclosing his interest in the company.
Groupe Bruxelles Lambert, Frere's holding company, stated that it was selling up to 27.6 million shares, or a 6.6pc stake, in a private placement.
It said the transaction represents the disposal of GBL's entire stake in Burberry and part of the implementation of the group's portfolio rotation strategy. GBL added it would be using the proceeds of the stake sale for future investments.
Burberry, famed for its trench coats and trademark check in camel, red and black, recently parted company with Christopher Bailey, the designer who turned it into a global brand and later became CEO, and last year appointed Marco Gobbetti as its new CEO as the group seeks to kick-start sales growth.
Frere, Belgium's richest man who made his name buying up steelmakers in the fifties and sixties, first declared his 3pc stake in Burberry in February 2017, increasing that to 4pc over the summer and then to 6pc in November.
Groupe Bruxelles Lambert also has a 7.5pc stake in Adidas, and holdings in wine and spirits group Pernod Ricard and oil and gas firm Total.
