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Attempted share sale hurts Kogan

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Shares in online retailer Kogan.com have plummeted after founder and chief executive Ruslan Kogan and fellow director David Shafer reportedly sought to sell shares worth $100 million.

Kogan.com said in a statement on Tuesday that it noted media speculation overnight regarding a share sale by Mr Kogan and Mr Shafer.

But, Kogan.com said, Mr Kogan and Mr Shafer did not receive a bid that was acceptable to them, and consequently no transactions occurred.

"Mr Kogan and Mr Shafer are not currently in discussions to sell any shares," Kogan.com said.

Kogan.com shares were down $1.05, or 10.75 per cent, at $8.75 at 1329 AEST after going as low as $8.38.

The Australian newspaper reported that the pair had tried to sell 11 million Kogan.com shares through Macquarie and Canaccord on Monday night.

Mr Kogan holds around 36 per cent of Kogan.com shares and Mr Shafer about 13.7 per cent.

Kogan.com shares rose 7.5 per cent on Monday after the company announced plans to sell its own brand of washing machines, fridges, cooktops and other household and kitchen appliances, thereby challenging bigger rivals Harvey Norman and JB Hi-Fi.

Announcing the move, Mr Kogan said the lack of competition across the whitegoods and built-in kitchen appliance market had resulted in high prices for consumers.

He said having another, cheaper, range of appliances in the market would benefit consumers.

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