Regal Funds Management Cuts Its Cettire Stake After Steep Losses

The hedge fund that backed Cettire from its 2020 listing has sold down its position as shares trade 96% below their 2024 peak

22 Jun 2026 · 2 min read

Regal Funds Management, one of Cettire earliest and largest backers, has been cutting its stake in the online luxury retailer, crystallising tens of millions of dollars in losses on a position it built from the company's 2020 listing.

A steep reversal from Regal's early bet

Regal was there from the start. The Sydney hedge fund backed Cettire at its 50 cent listing price in late 2020 and kept buying, accumulating its position at an average price of $1.81 a share. For a while that patience paid off handsomely: in March 2024, Regal's holding was worth as much as $220 million, and Cettire was a genuine darling of the small caps market.

That story has since gone into reverse. Regal Funds Management said it sold 10.6 million shares between June 12 and June 17, 2026, cutting its disclosed holding from 15.3 per cent to 11.45 per cent. The sales came as Cettire's share price has fallen 96 per cent from its 2024 peak, weighed down by investor doubts about the durability of its business model, a broader slump in luxury spending, and new duties on cheap goods imported into the United States.

Regal Funds Management is selling down its stake in online luxury goods retailer Cettire, dumping 10.6 million shares between June 12 and June 17. The share sales cut the Sydney hedge fund manager's holding from the previously disclosed level of 15.3 per cent to 11.45 per cent, crystallising tens of millions of dollars of losses on the trade.

— Regal Funds Management, Article, June 2026

What the sell-down signals

A reduction of this size by one of Cettire's earliest and most committed shareholders is a notable data point for a stock that has already been heavily sold off. Whether other holders read it as a signal to follow, or as a long-time backer simply reducing risk after a run of losses, is something Thesis Tracker will continue tracking as further commentary from fund managers on Cettire emerges.