Chairman Stephen Marks of fashion chain French Connection is reported to sell up to 9m of his shares in the fashion business, resulting in raising in excess of GBP35m.

The move will see French Connection founder Marks, who currently owns around 51 per cent of the business, lose his majority ownership and reduce his holding to around 42 to 43 per cent.

The Retail Bulletin reported French Connection stated Marks "will use the proceeds to meet personal requirements". Media reports have linked the sale to a divorce settlement.

Marks has agreed not to sell any further shares for the next six months without the consent of advisers Deutsche Bank and the company's board of directors. Following the placing of between 8m and 9m shares, Marks will still have an interest in around 40m French Connection shares, including shares held in family trusts.

Updating on trading, French Connection said overall performance continues in line with expectations, with trading in the UK retail business weak in comparison with strong growth in the first half of 2003.

The wholesale business, which accounts for around 47 per cent of UK turnover, has performed well, as have the North American and licensing businesses.