A 5% stake in French Connection has been sold to Dunelm Group founding family member Will Adderley for an undisclosed sum.
Adderley, who is the deputy chairman of value homewares retailer Dunelm, made the purchase through his investment vehicle WA Capital.
The fashion retailer, which has 59 UK stores and four in the US, has been underperforming for some time.
The group, which comprises French Connection and smaller businesses Toast, Great Plains and YMC, recorded a marginal 0.2% rise in group like-for-like sales for the 16 weeks to November 21.
In November the company took the decision to close seven unprofitable French Connection stores, three in the UK and four in the US, by the end of this month.
It will also move out of its loss-making 6,500 sq ft store at 249-251 Regent Street at the end of March to make way for the building’s redevelopment.