Superdry co-founder Julian Dunkerton has sold 5.5 million shares at £12.85p per share, raising approximately £71m.
The stake represents around 6.7% of the issued share capital in the casualwear business.
Following completion, he will still own 18.5% of the issued share capital, amounting to 15.1 million shares.
Dunkerton has agreed not to sell any other shares in the company for a period of 90 days after completion of the placing.
He sold £18m of shares in the company in January. In March he stepped away from the business to pursue other business and charity interests.
Superdry, formerly known as SuperGroup, was formed in 1985 when Julian Dunkerton launched a store called Cult Clothing in Cheltenham with his business partner, which they subsequently turned into a nationwide chain.
In 2003, Dunkerton joined forces with Bench founder James Holder to create a new in-house brand, Superdry.
Cult Clothing closed in 2012 after being gradually phased out of the business.