By  on June 20, 2018

MILAN — Salvatore Ferragamo SpA shares tumbled on Wednesday, closing down 8.44 percent to 22.46 euros, hit by the news that parent company Ferragamo Finanziaria SpA had trimmed its stake, and after failing to open in early trade.

The holding sold around 5.9 million ordinary shares, or 3.5 percent of the Florence-based luxury fashion house, at a price of 23.25 euros a share, for about 137.1 million euros. The price was at a discount compared to Tuesday’s close at 24.53 euros.

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