Kinnevik, which is Zalando’s biggest shareholder, has sold 10.6 million shares in Zalando to institutional investors, reducing its stake from 26 percent stake to 21.3 percent and taking advantage of a recent increase in the e-tailer’s share price. The announcement came just before Zalando said that it will post significantly higher-than-expected results for the second quarter of 2020 in terms of sales and profits. As of May 25, financial analysts polled by the company were projecting an adjusted operating profit (Ebit) of €104 million and increases of 19.0 percent in Gross Merchandise Value and 16.0 percent in revenues for the period.