Europe’s largest online fashion retailer Zalando has closed a deal to sell 17,9 million existing shares –nearly a 7,3% of the company’s share capital- at a price of €23,75 per share, representing a total amount of €434 million approximately. The operation has been managed by credit institutions Morgan Stanley, Goldman Sachs and Credit Suisse.

Apart from some of the company’s management, following key shareholders are also reducing their stakes: Global Founders Capital GmbH, Holtzbrinck Ventures Gmbh, AI European Holdings Sarl and Rocket Internet AG.