Paola and Giorgianna Cúneo liquidated a 1% stake in Falabella (BCG: FALABELLA), selling 25 million shares for $ 157.500 millones (US$ 172,7 millones) through LarrainVial. The transaction reduces the Grupo Liguria’s ownership position in the Chilean retail giant to 8,24%, shifting the family’s strategy just over a year after the dissolution of the controlling shareholder pact.
The Bottom Line
The Transaction: Paola and Giorgianna Cúneo sold 12,5 million shares each via Inversiones Santa Victoria and Inversiones Cinque Terre, executing the trade at an average price of $6.300,20 per share, according to roadshow.cl.
Ownership Shift: The block trade drops the Grupo Liguria aggregate stake from 9,24% down to 8,24%, falling below the position held at the close of 2024 and reversing a post-pact accumulation trend, according to roadshow.cl.
Macro Headwinds: The asset liquidation arrives as Falabella reports mixed Q2 financial metrics, with general manager Alejandro González warning that foreign tourist spending slumps will continue to shave 2 to 3 percentage points off sales in stores through December.
Anatomy of a Block Trade at the Santiago Stock Exchange
The transaction caught market participants off guard due to its scale. Executed via LarrainVial Corredora de Bolsa, the simultaneous sale of 25 million shares is far above what the retailer’s shares trade in a normal day. Paola Cúneo Queirolo, a director of the retail group, liquidated 12,5 million shares through Inversiones Santa Victoria SpA, while Giorgianna Cúneo, a director of Falabella Retail, mirrored the move under Inversiones Cinque Terre SpA. According to filings with the Bolsa de Santiago, the total package was valued at $157.500 millones (US$ 172,7 millones), while roadshow.cl reports the value as $157.504 millones, or roughly US$170 millones.
According to roadshow.cl, prior to this block sale, the two investment vehicles operated as the fifth and sixth largest individual shareholders in the company, holding roughly 4,45% each. Following the 0,5% reduction per entity, their individual stakes dropped to 3,95%. When aggregated with the broader Grupo Liguria family holdings—which include their father, Juan Cúneo Solari—the clan’s total footprint contracted to 8,24%. This contraction sits lower than the baseline recorded before the termination of the controlling shareholder pact that governed Falabella for 22 years and expired on July 1, 2025, according to roadshow.cl.
Falabella’s equity performance has remained relatively flat across the year. The family had expanded its position following the breakup of the old agreement, absorbing blocks from entities like Bethia in July 2025, according to roadshow.cl, and purchasing an additional 7,2 million shares via Paola Cúneo in January 2026, according to roadshow.cl. Having accumulated roughly 14,5 million papers since mid-2025, according to roadshow.cl, the latest divestment of 25 million shares marks a net reduction of approximately 10,5 million titles compared to their post-pact accumulation cycle, according to roadshow.cl.
| Metric / Entity | Pre-Sale Position | Post-Sale Position | Transaction Value |
|---|---|---|---|
| Inversiones Santa Victoria SpA | ~4,45% | ~3,95% | – |
| Inversiones Cinque Terre SpA | ~4,45% | ~3,95% | – |
| Grupo Liguria (Total Clan) | 9,24% | 8,24% | $157.504 millones |
| Total Shares Sold | 25 millones | 1% of Company | US$170 millones |
Navigating a Mixed Retail Landscape and Digital Growth
The Cúneo family’s capital reallocation unfolds against a complex macroeconomic backdrop for the region’s retail sector. During the post-earnings analyst conference call, Falabella general manager Alejandro González outlined persistent headwinds in domestic consumption. Retail operations in Chile are expected to record mixed performance figures through the final stretch of the year, heavily impacted by shifting tourist demographics.
Data from the second-quarter financial reporting highlights that foreign tourist purchases accounted for just 3,7% of total sales, a drop from the 9,7% registered during the same period in the previous year. González noted that this tourist deficit will continue to extract 2 to 3 percentage points from store sales through December. Furthermore, discretionary categories—specifically apparel, technology, and home goods—face a challenging macroeconomic scenario and weakened consumer confidence.
But the balance sheet tells a different story regarding digital infrastructure. Falabella’s online ecosystem displayed resilience during the June Cyber sales event, posting nearly 10% growth in sales despite a broader market contraction estimated at 4% in local currency. Marketplace operations run by third-party vendors surged 34,4% year-over-year, while total published products expanded by 31%. To capture shifting consumer habits, management is continuing to expand express-format physical locations through the end of the year, which González stated have shown positive results and generate a favorable effect on the digital channel in the cities where they are installed.
Precedent and Market Trajectory
Large-scale equity divestments by the Cúneo family have occurred previously. According to roadshow.cl, the last transaction of comparable magnitude occurred on June 30, 2017, when Inversiones Los Olivos remató 37 millones de acciones, correspondientes al 1,52% de Falabella. The package was placed at $5.325 por título and permitted recaudar $197.025 millones, equivalentes entonces a unos US$297 millones. That historical placement reduced the family’s exposure from roughly 11,5% down to 10%.
Subsequent capital adjustments occurred during a 2018 capital increase, which funded the purchase of Linio and other investments, according to roadshow.cl.
