On Thursday, Tiffany & Co. (NYSE:$TIF) shares decreased significantly. Why? It all started after news surfaced that Qatar’s sovereign wealth fund sold a massive block of shares. Reportedly, shares were priced close to $94.40 per share, which is a bit below Wednesday’s closing price. Today, TIF stock closed down about 4.8%.

What Happened?

Based on the statement Morgan Stanley, the bank that completed the deal, gave to Bloomberg, the Qatar Investment Authority sold 4.4 million shares to the jewelry retailer for roughly $417 million. Keep in mind a 9.5% stake in Tiffany & Co is still held via subsidiary Qatar Holdings USA LLC. However, the sale represents a considerable downsizing.

This sale comes after Tiffany & Co. shares rebounded in mid-2016. Since the beginning of July of last year, the stock is up roughly 50%, despite Thursday’s decline. Although it is still down roughly 15% since the start of 2015.

By now, most people know that the retail sector has been struggling, and Tiffany & Co. was not immune to those struggles. During Q2, comparable sales dropped 2% year over year, while total sales increased 3% because of a rise in wholesale sales. Due to the increase in sales, EPS soared 9%.

What Does the Future Entail?

Considering the current diplomatic crisis in Qatar, the sovereign wealth fund selling off shares of Tiffany & Co. probably has nothing to do with the company itself. It’s worth mentioning reports of potential asset sales were reported in June.

The takeaway? If you thought about adding Tiffany & Co. to your retail stocks list yesterday, there’s no real reason for you to change your mind.

Featured Image: twitter