Permira chairman Damon Buffini is to join the board of Hugo Boss before he steps down from the Permira chairmanship in June.
The boss of private equity firm Permira, which has stakes in The Valentino Fashion Group, owner of Hugo Boss and Valentino brands, as well as value retailer New Look, is to sit on the board of premium menswear label Hugo Boss, allowing him to retain control of one of Permira’s biggest portfolio companies.
Buffini will sit on the board of Hugo Boss as a Permira funds representative and will remain employed by Permira as a partner and member of the investment committee after he steps down from the chairman role.
Buffini will join the board during a forecasted growth period at Hugo Boss, which said earlier this week that it is projecting a return to sales growth in 2010.
Hugo Boss’s group sales dropped 7% over the 2009 year to €1.56bn (£1.37bn).
Permira took a controlling stake in Hugo Boss in 2007 as part of its €5.3bn (£4.7bn) buy out of The Valentino Fashion Group.
Buffini has been chairman of Permira since 2007, when he moved into the position from his previous role of managing partner. The chairman position was created for Buffini and will not be filled when he steps down in June.