Private equity firm Permira is cutting its stake in Hugo Boss by almost half, from 32% to 14%.
The German fashion retailer’s largest shareholder made the announcement last night, City AM reports, but did not cite a reason.
It marks the fifth time the UK business has reduced its holding in Hugo Boss in the last two years, having reduced it from 39% to 32% in December, 2014.
Last week Hugo Boss reported its full year sales came in at the lower end of expectations, with pre-tax profits creeping up by just 1% to €437m (£326m.)
The sale of 7.35 million shares is expected to net Permira £599m.