The Samwer brothers have sold a 3.8 percent share in Zalando for approximately €375 million. The trio, who were the main investors in the European online retailer of fashion and sports apparel during the start-up phase, further reduced their stake to 4.99 percent. With the sale, a Scottish investment firm, Baillie Giffort, replaces Zerena, owned by the brothers, as the second largest investor with 7 percent. A Swedish investment company, Kinnevik, remains the largest one with 32 percent. Zalando's shares rose 60 percent in the past year, and 12 percent in the last three months alone. The share price rose further upon the news of the sale.