Permira offloads remaining ‡1bn stake in Hugo Boss
German fashion house Hugo Boss is parting ways with its investor Permira after the private equity firm launched a sale of its remaining €1bn (£720m) stake last night. Permira has been gradually cutting its holding in Hugo Boss after acquiring a majority stake in 2007. The investment vehicle Red and Black – which is 60 per cent owned by Permira – had 11.9 per cent remaining before the sale, which took place overnight. The accelerated bookbuild is being handled by Bank of America Merrill Lynch and UBS. A price range of €112 to €118.6 per share has been set, reflecting a maximum discount of 5.6 per cent.