Israeli hedge fund UDN Eden Management has acquired a 5.29% stake in Australian-listed luxury fashion retailer Cettire, purchasing 20.2 million shares for more than $4.1m between June and October, according to a substantial shareholder notice filed with the Australian Securities Exchange (ASX). 

UDN Eden, which focuses on small- and mid-cap international companies, has built its position as Cettire's market valuation has declined significantly from its previous peak. 

The online retailer, founded by Chief Executive Dean Mintz, currently has a market capitalisation of approximately $114m, compared with a peak valuation of around $2bn. 

Cettire operates a global e-commerce platform selling luxury fashion products to international customers. 

The company's shares remained unchanged at $0.33 following the disclosure of UDN Eden's investment.