The Lew family has sold its remaining stake in Zara Australia.
According to a report in the Australian Financial Review, the ragtrade family has sold back its 10% stake to Zara's parent company.
Peter Lew has stepped down from the Group Zara Australia board after transferring 2.64 million shares held by his private company, International Brand Management.
The Lew's first secured the Australian rights to the Zara brand in 2000 and emerged with a 20% stake in the business, later reducing this to 10% in 2015.
Zara Australia's sales rose 9.9% to $282 million for the year ended January, 2018.
Net profit fell 13.6% to $8.9 million.