The founder and chairman of the hugely successful Spanish fashion retailer Inditex, Amancio Ortega, has sold two per cent of the firm on the stock market, it was revealed on Wednesday.

In a statement, the La Coruna-based operator of the hit Zara fashion label and chain said Ortega sold 12.3 million shares which reduced his stake to 59.3 per cent from 61.3 per cent.