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FRANKFURT, May 24 (Reuters) - Global Founders GmbH has cut its stake in Zalando, Europe's biggest pure online fashion retailer, by 3.78 percent, according to a voting rights announcement issued by Zalando on Wednesday.
The stake Global Founders GmbH -- the investment vehicle of German start-up investors Oliver, Marc and Alexander Samwer -- holds in Zalando fell to 4.99 percent on May 22, the filing showed.
Based on Wednesday's closing price, the stake Global Founders GmbH has sold is worth 391 million euros ($437 million).
$1 = 0.8941 euros Reporting by Christoph Steitz and Alexander Huebner; Editing by Maria Sheahan