Cúneo Sisters Raise $170 Million From Selling 1% Stake in Falabella

Paola and Giorgiana Cúneo sold a combined 25 million shares of Falabella on Wednesday, raising approximately US$170 million in two simultaneous operations executed through LarrainVial, according to reporting by Diario Financiero, La Tercera, and Roadshow.

The transactions involved 12.5 million shares each from Inversiones Santa Victoria SpA, linked to Paola Cúneo Queirolo, and Inversiones Cinque Terre SpA, linked to her sister Giorgiana Cúneo, as reported by Roadshow. The shares sold represent a 1% stake in the retail holding company. Both packages traded at an average price of $6,300.20 per unit, generating total proceeds of $157,504 million pesos, or roughly US$170 million, according to Roadshow. Financial disclosures filed with the market did not identify the buyers of the block.

Impact on Grupo Liguria’s Ownership Stake

The sale reduced the holdings of the family’s Grupo Liguria branch from about 9.24% down to approximately 8.24%, according to Roadshow data. Prior to the transaction, Santa Victoria and Cinque Terre ranked as the fifth and sixth largest individual shareholders in Falabella, holding roughly 4.45% each before offloading a 0.5% slice each to leave them at 3.95% apiece.

According to Falabella’s annual report cited by Roadshow, Paola Cúneo held an 8.95% direct and indirect stake at the close of 2025, up from 8.66% a year prior. In January, the family added another 0.29% through Inversiones y Rentas Liguria SpA at a cost of $46,800 million pesos, pushing total family positioning to 9.24%. Following Wednesday’s sale, the clan’s stake fell below the level held prior to the expiration of the controlling pact that governed Falabella for 22 years.

Reversing a Post-Pact Buying Trend

The sale marks a sharp reversal from the family’s accumulation strategy following the end of Falabella’s long-standing shareholder agreement, as reported by Roadshow. Since July 2025, the clan had acquired roughly 14.5 million shares, including a joint purchase of 6.1 million shares from Bethia and additional acquisitions by Inversiones y Rentas Liguria and Paola Cúneo.

By offloading 25 million shares on Wednesday, the sisters sold about 10.5 million more papers than they had accumulated since the pact dissolved. Roadshow notes that the family’s last comparable block sale occurred on June 30, 2017, when Inversiones Los Olivos auctioned 37 million shares—representing a 1.52% stake—at $5,325 per title to raise about US$297 million.