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Hugo Boss investor to reduce stake

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.

@LukeToddUK

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