FRANKFURT Permira is selling a 5.6 percent stake in Hugo Boss, the latest step by the private equity house to exit from its investment in the German fashion retailer.
Hugo Boss said in a statement late on Tuesday that an investment company controlled by Permira is placing up to 3.96 million Hugo Boss shares in an accelerated book building process.
As a result of the placement, the free float of Hugo Boss AG will increase to around 48 percent of the share capital.
The latest sale will cut Permira's 55.62 percent stake, but still leave the investment company as the largest shareholder in Hugo Boss.
Permira, which owns the Hugo Boss stake via its Red & Black investment vehicle, last sold off shares in May 2013 and November 2011, when it reduced its stake by 10 percent and 6.4 percent respectively.
(Reporting by Edward Taylor; Editing by Dan Grebler)