Permira sells more Hugo Boss shares

The shares in Frankfurt-listed Hugo Boss, which are believed to carry an indicative price range of €89.25–90.50, could fetch €633.5m if sold at that price.

The offering comes one and a half years after Permira last sold some of its holding to institutional shareholders through an accelerated book building. In November 2011 Permira sold 4.5 million shares, or 6.4% of the company, a sale that was expected to generate €307m for the investor.

Morgan Stanley is believed to be acting as bookrunner of the current accelerated bookbuilding process, which was announced shortly after Hugo Boss's group sales declined by 2%.

However, analysts cited by Reuters said they did not think the sale was a sign of Permira's intent to hastily exit the business. Permira's Luxembourg-based subsidiary, Red & Black, also committed to hold onto its remaining shares for another six months, according to Reuters.

Company
The Hugo Boss Group is a premium fashion and luxury apparel designer and retailer based in Metzingen. The company employs a workforce of 11,852 people, and generated annual sales of €2.3bn in 2012 with an operating income of €433.2m.

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