Permira to exit Hugo Boss investment: Reuters

(Reuters) – Hugo Boss (BOSSn.DE) on Monday said a 12 percent stake owned by investors, including private equity fund Permira [PERM.UL], was being sold off, a placement that would increase the luxury fashion retailer’s free float to 91 percent of its share capital.

The luxury goods company said the process to sell a stake of 8.4 million Hugo Boss shares held by investment vehicle Red & Black had already commenced.

Red & Black is majority controlled by private equity firm Permira [PERM.UL].

Earlier on Monday, a source told Reuters that Permira was selling a Hugo Boss stake worth 1 billion euros ($1.06 billion) at price range of 112-118.6 euros per share.

Hugo Boss also said seven percent of the company’s shares would be owned by entities belonging to Marzotto family.

Italy’s Marzotto family has gradually bought up Hugo Boss shares, taking advantage of private equity firm Permira’s gradual exit.

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