Israeli hedge fund acquires major Cettire stake

• Israeli hedge fund UDN Eden Management built a 5.29% stake in luxury online retailer Cettire.
• The fund manager spent over $4.1 million to secure 20,200,000 shares in the business.
• The low-profile fund manager specialises in small-cap and mid-cap international companies.

Israeli hedge fund UDN Eden Management has emerged with a 5.29% substantial stake in online luxury retailer Cettire (ASX:CTT).

According to a substantial shareholder notice lodged with the ASX, UDN Eden Management acquired 20,200,000 shares for more than $4.1 million between June and October.

UDN Eden Management operates as a low-profile fund manager that targets small-cap to mid-cap international companies.

The investment comes as Cettire trades at a market value of $114 million, down sharply from its peak valuation of $2 billion.

The online retailer was founded by CEO Dean Mintz and continues to serve international luxury fashion shoppers.

Following the announcement, the Cettire share price was unchanged at $0.33.

The company retains a global e-commerce footprint that provides access to millions of luxury personal goods items.