Billionaire boosts stake in beaten-up ASX retail stock

MotleyFool06-18

City Chic Collective Ltd (ASX: CCX) is catching the attention of investors today and is down around 9% in the red. At the time of writing, the ASX retail stock is swapping hands at $0.30 cents apiece....

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At the time of writing, the ASX retail stock is swapping hands at $0.30 cents apiece....</p>\n\n<a href=\"https://www.fool.com.au/2024/06/18/billionaire-boosts-stake-in-beaten-up-asx-retail-stock/\">Source Link</a>\n\n</div>\n","source":"motleyfoolau_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Billionaire boosts stake in beaten-up ASX retail stock</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBillionaire boosts stake in beaten-up ASX retail stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-18 13:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com.au/2024/06/18/billionaire-boosts-stake-in-beaten-up-asx-retail-stock/><strong>MotleyFool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>City Chic Collective Ltd (ASX: CCX) is catching the attention of investors today and is down around 9% in the red. At the time of writing, the ASX retail stock is swapping hands at $0.30 cents apiece....</p>\n\n<a href=\"https://www.fool.com.au/2024/06/18/billionaire-boosts-stake-in-beaten-up-asx-retail-stock/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CCX.AU","symbol_name":"CITY CHIC COLLECTIVE LTD","start_time":0,"source_url":"https://www.fool.com.au/2024/06/18/billionaire-boosts-stake-in-beaten-up-asx-retail-stock/","article_id":"2444317999","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2444317999","pubTimestamp":1718689800,"sourceInfo":{"source_id":"motleyfoolau_stock","name":"MotleyFool"},"weMediaInfo":null,"summary":"City Chic Collective Ltd (ASX: CCX) is catching the attention of investors today and is down around 9% in the red. At the time of writing, the ASX retail stock is swapping hands at $0.30 cents apiece.","collect":0,"end_time":0,"defaultTopTitle":"fool.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"CCX.AU":"CITY CHIC COLLECTIVE LTD","BK7021":"服装零售"},"translate_title":"亿万富翁增持遭受重创的澳大利亚证券交易所零售股股份","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CCX.AU":1},"content_text":"City Chic Collective Ltd (ASX: CCX) is catching the attention of investors today and is down around 9% in the red. At the time of writing, the ASX retail stock is swapping hands at $0.30 cents apiece. The moves today come after an announcement from the company in early trade requesting the halt. Reports have also surfaced that a large investor billionaire raised their stake in the struggling plus-sized women's clothing retailer, although this is unrelated to the halt. This year to date, the ASX retail stock has slipped 44% into the red, having collapsed from former highs of $0.60 on 13 February. Let's take a look.  ASX retail stock halted City Chic has entered a trading halt ahead of an announcement regarding two updates. The first was to do with the proposed divestment of its Avenue arm. The second is related to a new equity raise.  The company plans to complete a fully underwritten institutional placement and a pro-rata accelerated non-renounceable entitlement offer to raise capital. Whilst not entirely clear, it requested the halt remain in place until Monday. Before then it will likely reveal more on the planned divestment of its Avenue arm.  City Chic expects to make an announcement to ASX in connection with the proposed divestment of Avenue and an equity capital raising to be undertaken by way of a fully underwritten institutional placement and a fully underwritten pro-rata accelerated non-renounceable entitlement offer of new fully paid ordinary shares in City Chic  If the company makes an announcement before Monday, trading of its shares will resume. Reports have surfaced noting that billionaire Brett Blundy has increased his stake in the company. According to reporting from The Australian. Blundy's BBFIT Investments recently acquired 3.3 million shares, boosting his ownership to 11.3%. The billionaire's increased stake is sparking speculation. His latest purchases were confirmed in an announcement last week, bringing his stake up from 9.9% at the end of March 2023. Back then, speculation was that Blundy would increase his stake, after raising it to the 9.9% level.  Foolish takeaway City Chic's focus is in the plus-sized fashion business. The divestment and capital raising plans signal the company has growth plans on the horizon in my view.   Analysts at Bell Potter remain optimistic about City Chic, maintaining a buy rating with a price target of $0.62.  Brett Blundy's increased stake in City Chic Collective could signal new confidence in the retailer's potential.  In the last 12 months of trade, shares in the ASX retail stock are down 9%, and have underperformed the benchmark by 16% in the last year.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2444317999"}