French Connection boss to sell 10%

French Connection Group, the British owner of fashion stores in Europe and the US, said chairman and chief executive Stephen Marks plans to sell as much as 10% of the stock, relinquishing his controlling stake in the business he founded in 1969.

The shares fell as much as 6.4%.

Mr Marks, 58, will sell 8 million to 9 million shares to institutional investors to fund a divorce settlement with his wife Alisa, according to people familiar with the matter who declined to be identified.

The sale by Mr Marks comes after French Connection shares gained 88% in the past year. The company is benefiting from publicity created by advertising of its FCUK brand and is seeking to make the brand more recognisable with licensing agreements for products such as alcoholic drinks and toiletries.

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