British fashion retailer Superdry co-founder Julian Dunkerton has sold 6.7% of his stake in the company to institutional investors for £71m.

Following the transaction, Dunkerton will own approximately 18.5% stake in the clothing brand. The amount of the transaction will be paid in cash on usual settlement terms on 26 July.

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Dunkerton has also agreed not to sell any ordinary shares in Superdry that are not sold in the placing for 90 days after completion.

Financial services firm UBS served as sole global coordinator and Investec Bank served as co-bookrunner for the placing.

In March, Dunkerton stepped down from the role of director in a move to allocate time to other business and charitable interests.

“Dunkerton stepped down from the role of director in a move to allocate time to other business and charitable interests.”

Commenting on his intention to step down, Dunkerton said: “I am immensely proud of everything achieved at Superdry over the past fifteen years.

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“As a fast-growing, innovative business, Superdry has always evolved to ensure it keeps delivering. With other demands on my time, it is the right point for me to transition my focus and responsibilities.”

In January, Dunkerton sold his 1.2% minority stake in the company for around £17.8m, reported Irish Examiner.

Established in 1985, Superdry offers a range of fashion products, including hoodie tops and T-shirts. The retailer has a presence in 148 countries globally and aims to expand operations in China and the US.