Cettire Founder Dean Mintz Earns Over $200 Million from Share Sell-Downs

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How did Cettire’s founder, Dean Mintz, turn a calculated move into a staggering $200 million windfall through strategic share sell-downs?

Cettire founder Dean Mintz has made a significant financial move, selling an 8.7% stake in the luxury goods company for a staggering $100 million. This follows a series of strategic share sell-downs that have brought in more than $200 million.

In a swift manoeuvre, Dean Mintz, the visionary behind Cettire, has successfully capitalised on his company’s shares, reaping substantial gains. Mintz confirmed that he recently sold 33.3 million shares in the luxury goods entity, retaining a 37.2% stake. 

This is a continuation of his earlier share sell-offs, including a sale of 35 million shares in March last year, fetching over $47.2 million. Furthermore, in a notable sell-down in November, he pocketed $60 million. Mintz’s calculated moves in the market have netted him a remarkable sum of more than $200 million.

Cettire’s Strong Market Presence and Financial Performance

Despite previously stating that he had no intentions to offload shares, Mintz seized an opportune moment when the stock price surged to $3.14 each. This decision was further validated as Cettire’s shares experienced an additional 4% boost to reach $3.27 the following Friday. Mintz commented on the company’s robust financial standing, underlining its solid performance in key markets and its recently disclosed full-year results.

“In response to strong investor demand, undertaking this share sale provides enhanced liquidity and free float, improving the likelihood of achieving major index inclusion in the short to medium term,” Mintz stated.

Cettire, renowned for its luxury handbags, clothing, and footwear from prestigious brands such as Valentino, Marni, and Fendi, has made a notable mark in the industry. Notably, the company operates without holding any inventory, a distinctive aspect of its business model. 

In its most recent financial report, Cettire revealed impressive figures, with revenues doubling to $416.2 million in the previous fiscal year. Additionally, its EBITDA surged to $29.3 million, while the bottom-line profit rose to $16 million from an earlier loss of $19 million.

Market Impact and Future Prospects

Mintz’s strategic share sell-downs have positioned him as the company’s largest shareholder, but other significant players have emerged in the ownership landscape. Car Rock Capital holds a 13.4% stake, followed by Regal Funds Management with an 8.3% stake. 

The journey of Cettire’s shares has been characterised by fluctuation; the initial listing at 50¢ in 2019 led to a peak of $4.75 in November 2021, only to dip to around 65¢ in the past year. Currently, the company commands a market capitalisation of approximately $1.2 billion.

Investor Confidence and Leadership

Mintz’s strategic manoeuvring and the company’s promising financial results have attracted investors and garnered admiration for the founder’s leadership. LHC, a participant in the economic landscape, has expressed particular interest in Cettire’s founder-manager leadership.

Dean Mintz’s recent share sell-downs have positioned him as a notable figure in the financial world and paved the way for Cettire’s potential inclusion in major indices. With strong financials, a unique inventory-free business model, and a growing market presence, Cettire’s journey continues to captivate the attention of investors and enthusiasts alike, marking a significant chapter in the luxury goods industry.

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