Boohoo share prices fell six per cent this morning after one of its joint chief executives sold swathes of shares worth £10.7 million.
Carol Kane sold 4.65 million shares at 230p each, reducing her stake in the business to just four per cent.
Her move came just a day after Boohoo released its first half results, where it posted a triple-digit growth in sales.
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Despite this, a reduction in Boohoo‘s guidance for its earnings margin amid its results sparked a 15 per cent drop in share value.
Kane‘s share sale has further dented confidence in the retailer, and this morning Boohoo share prices fell to 205p.
Prior to this Boohoo‘s market capitalisation was nudging £3 billion.
Co-founder Mahmud Kamani and his siblings also sold 36.6 million shares, pocketing £80.5 million earlier this year.
“Director share selling is never easy to time well, but yesterday’s share sale by Boohoo’s joint CEO Carol Kane seems to have hit a nerve in the City, given the concerns about margin pressure,” analyst Nick Bubb said.
