// Next CEO Simon Wolfson sells shares to finance an investment
// Wolfson sold 153,000 shares for £66.05 each
Next chief executive Simon Wolfson has sold over $12.7 million (£10 million) worth of shares to finance an investment in a private venture.
Wolfson sold 153,000 shares for £66.05 each. The sale equates to about 10 per cent of his total holding in Next.
He took them helm of the British fashion retailer in 2001 after serving with the company since 1991.
A spokesman for Next told Reuters that the share sale was Wolfson’s first in seven years:
“It’s mainly to fund an investment in another existing, private and non-retail (venture) that he has.”
Shares in Next have increased by 71 per cent so far this year.
On Tuesday, they reached £69.48, before closing at £68.29, valuing the business at £9 billion.
Last month, Next reported a “disappointing” start to autumn trading which it said was down to warm weather rather than political and economical uncertainty.