One of fashion company Boohoo Group Plc’s biggest investors, T. Rowe Price, sold half of the company’s stock last year. This was reported by various media, including Manchester Evening News and Business Live. Boohoo stock price has been declining for a while.
In September of last year, T. Rowe Price bought a nearly 10 percent stake in Boohoo. This proportion has now fallen to around five percent. Until recently, T. Rowe Price was the largest institutional investor in Boohoo and the largest investor after co-founder Mahmud Kamani.
Also in January, Jupiter Asset Management Ltd, another leading investor, halved its stake to 4.7% from 9.99%, the Times reported at the time.
The Boohoo Group Plc was in the negative headlines several times this spring. In May, the company settled a consumer fraud lawsuit with a plaintiff. Boohoo was recently summoned before the UK’s Competition and Markets Authority (CRM), which suspected the company was greenwashing. Boohoo is now being investigated as well as the fashion company Asos, in which T. Rowe Price also has a stake.
This translated post previously appeared on FashionUnited.n.