Brunello Cucinelli, the Italian fashion businessman owner of the high-end label he founded 40 years ago, has sold 6 per cent stake in the fashion company and raised about €100 million for his family’s charitable foundation. Through his company Fedone Srl, Brunello Cucinelli sold over four million shares of the luxury group at €26 a share, for a total of around €100million.

Cucinelli reportedly said he and his family will continue to remain majority shareholders of the company but he wanted to raise funds from the share sale to finance his “life-long project of restoration” in his local community. To put it in a nutshell, he will invest further in what the family calls “humanist capitalism.” After the share sale, Brunello Cuccinelli, his wife, and two daughters will remain majority shareholder, with 51 per cent of the company’s equity. Fidelity with a 10 per cent stake, and OppenheimerFunds — one of the world's most reputable investment firms — with a 5 per cent stake, are the other largest shareholders. Through the share placement, he wanted to separate the family’s philanthropic activities from the business for the long term. The family had reached the decision as part of a wider discussion over strategy “for the next 15, 30, 40 years”, he added.