German etailer Zalando has sold a 7.3% stake in the business worth £308m, after reporting its first full year profit.
Early backers of the company, including the investment vehicle of the Samwer brothers Global Founders, venture capital firms Holtzbrinck Ventures and Rocket Internet, and hedge fund AI European Holdings, have sold 17.9 million existing shares.
The company’s management is also reducing its stake, according to Morgan Stanley, which co-managed Zalando’s debut on the Frankfurt stock market in October.
Earlier this month Zalando reported sales of €2.2bn (£1.5bn) for the full year to December 31, up from €1.7bn (£1.2bn) the previous year, with an adjusted EBIT of €81.9m (£59.3m) compared with a loss of €108.6m (£7 8.6m) in 2013.
Morgan Stanley, Goldman Sachs Group and Credit Suisse Group are managing the sale.