Swedish investment firm Kinnevik plans to distribute its stake in German online fashion group Zalando, worth 55 billion crowns ($6.6 billion), to its shareholders.

The Swedish firm’s stake of 54 million shares represents 21% of total outstanding shares in Zalando.

Shares in the German online fashion giant, which have doubled in the past year, fell 5.2% in early trade, while Kinnevik’s dropped 3.4%.

CEO Georgi Ganev said the company would continue to focus on the digital healthcare and food sectors, as he expects them to change substantially in the coming years.

Read more at: Reuters

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