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Hugo Boss backer to stay on for two years

German private equity house Permira has said it will not exit menswear giant Hugo Boss for a couple of years.

The boss of Permira, Joerg Rockenhaeuser, told Reuters: “We are under no pressure to sell.”

Hugo Boss has suffered a fall in sales during the financial crisis. Permira has been restructuring debt at the companies in its portfolio.

It follows reports last week that Permira was in talks with Hugo Boss and Valentino owner Valentino Fashion Group to  buy back some of the debt it accrued when Permira purchased the Italian fashion house two years ago.

Permira was said to want to invest €300m (£271.2m) to reduce Valentino’s €2.2bn (£2bn) debt by a third.

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