Permira fully exits Hugo Boss

Red & Black, the holding company for Hugo Boss, announced it had placed a total of 8.4 million shares. According to reports, the stake is worth around €1bn and was placed at a price range of €112–118.6 per share.

The GP has now completed its gradual exit of the fashion retailer, conducting four share sell-downs in the past 12 months.

Previous funding
Permira completed a take-private of Hugo Boss in July 2007 via its portfolio company Valentino Fashion Group. The GP's fourth fund backed the purchase of the 49.9% of shares Valentino did not already own for €1.6bn.

Having sold Valentino for €710m to a Qatar-based investor in November 2012, Red & Black conducted a series of share placements in Hugo Boss. The penultimate share placement occurred last month, when a 10.4% stake was sold down. A further €500m worth of shares were sold to the Marzotto Family, who now own around 7.6% of the fashion brand.

During Permira's ownership, Hugo Boss tripled its number of retail stores and is now present in 130 countries worldwide. The company's revenues increased by 60% to €2.6bn in 2014 and EBITDA doubled from €275m in 2007 to €591m in 2014.

Company
Hugo Boss is a luxury fashion and accessories retailer selling eveningwear, sportswear, shoes, leather goods and fragrances. Founded in 1924, it employs 13,000 people.

Headquartered in Metzingen, it has online stores in Germany, the UK, France, Spain, Italy, the Netherlands, Belgium, Austria, Switzerland, the US and China.

People
Jörg Rockenhäuser is managing partner at Permira in Germany. Claus-Dietrich Lahrs is CEO of Hugo Boss. Martin Weckwerth is partner at Permira and supervisory board member at Hugo Boss.

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• Permira