A billionaire retail businessman has lifted his stake in ASX All Ords stock City Chic Collective Ltd (ASX: CCX).
City Chic shares are 2.29% in the red today and currently trading at 53.3 cents apiece. For perspective, the S&P/ASX 200 Index (ASX: XJO) is down 0.06% at the time of writing.
In the past year, City Chic shares have descended nearly 85%.
Let’s take a look at the details of the recent investor interest in this ASX All Ords stock.
What’s going on?
City Chic Collective is a global retailer that markets to plus-size women around the world.
Amid the major share price dip, billionaire businessman Brett Blundy has boosted his stake in the company from 8.6% to 9.9%.
BBFIT Investments (owned by Blundy) has acquired 3,094,791 new shares for a total cost of $1.39 million.
This follows Blundy increasing his stake in the company from 7.3% to 8.6%, according to a notice on the ASX on 23 March.
Blundy is the co-founder and current chairman of Lovisa Holdings Ltd (ASX: LOV) and founded private investment company BB Retail Capital (BBRC).
ANZ-Roy Morgan Consumer Confidence data, released yesterday, lifted by 1.6 points to 78.2 in the last week.
ANZ senior economist Adelaide Timbrell said:
Consumer confidence remained below 80pts for a fifth consecutive week, the longest time below 80pts since the start of the weekly series in October 2008.Â
However, since this release, the RBA has hit the pause button on interest rate rises, which may be a good sign for retail shares next week.
City Chic share price snapshot
City Chic shares have climbed nearly 12% in the year to date and 18% in the last month.
This ASX All Ords share has a market cap of nearly $123 million based on the current share price.
The post This ASX All Ords stock is down 80% in a year, and one billionaire is buying up big appeared first on The Motley Fool Australia.
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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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