Boohoo shares dip after owner's brother sells £14.8m of shares

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by Simon Austin

Shares in Manchester fashion retailer Boohoo dipped after the brother of one of its founders sold around £14.8 million worth of stock.

Jalal Kamani, 57, who is the brother of joint boss Mahmud Kamani, 53, sold 7.7m shares at around 191.2p each, according to filings. He served as Boohoo's trading director until October 2015, when he resigned.

Shares fell 4.6%, or 8.75p, to 182.7p following news of the sell-off. Since then they had recovered some ground to 184.25 at the time of publication of this stroy.

According to Boohoo's annual report, Jalal Kamani had held a 6.8% stake, accounting for around 76.5m shares. On Thursday, Boohoo announced  his stake had fallen to 5.98%, representing 68.8m shares.

The sale comes after Boohoo co-founder Carol Kane, 51, sold £10 million worth of shares in September and Mahmud Kamani and his siblings Rabia Kamani and Nurez Kamani sold £80.5 million worth in June.

On Thursday, Boohoo reported a 100% increase in sales to £228 million in the four months to the end of December 2017 and expects sales growth of 90% for the full year.