Permira sells further 10 pct stake in Hugo Boss

FRANKFURT Fri May 3, 2013 2:15am EDT

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FRANKFURT May 3 (Reuters) - Private equity firm Permira is selling a further 10 percent stake in Hugo Boss , the German fashion house said on Friday.

The placement comes a day after Hugo Boss reported a bigger than expected drop in first-quarter sales on weakness in Europe and China.

The placement is being carried out by an accelerated bookbuilding process that has already started, Hugo Boss said.

The indicative price range for the shares is 89.25-90.50 euros, a person familiar with the transaction said. That represents a 2.4-3.7 percent discount to Thursday's closing price of 92.75 euros.

The source said Morgan Stanley was acting as bookrunner.