Boots tycoon Stefano Pessina has had more than £1.5bn shaved off his fortune as the health and beauty retailer’s owner Walgreens shares have dropped dramatically.
The market value of Pessina’s holding in Walgreens, where he is executive chair, plummeted to £1.73bn from £3.46bn the prior year, The Times reported.
Walgreens shares plunged more than 40% over the last year, during a period where the S&P 500 share index of the US’ largest listed companies gained 9%.
The US pharmacy giant has struggled with high debt as a result of its agressive acquisition spree in recent years, while operating losses grew from £4.2bn to £10.4bn during the first six months of its financial year.
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Walgreens is currently mulling a £7bn UK listing of Boots. It is working with consultants to initiate talks with interested parties and is also exploring listing Boots on the London stock market.
Back in 2022 Walgreens attempted to sell the the 172-year-old pharmacy chain but later abandoned the process after suitors, which included Asda owners the Issa brothers, failed to meet its £7bn asking price
Last week, it emerged that Boots pre-tax profits rose more than 42% to £237.6m for the year to 31 August thanks to booming beauty sales.
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