The boss of Next has sold £29 million of his stock in the FTSE 100 fashion and homewares chain.
Lord Wolfson of Aspley Guise offloaded 290,000 shares, leaving him with about 950,000 shares in the business, according to a regulatory filing. His holding is now worth around £100 million.
News of the stake sale sent shares in Next down by 358p, or 3.5 per cent, to £97.42.
The sell-off comes after a 36 per cent rise in the retailers’ stock over the past year. Next, often considered a bellwether for the high street, has defied the odds despite the cost of living crisis and higher inflation. The company, which has made a habit of under-promising and over-delivering on its forecasts, recently raised its profit guidance