Permira Sells Hugo Boss Stake Amid High Institutional Demand
Private equity firm Permira is selling a significant portion of its stake in luxury fashion brand Hugo Boss. The sale, involving 4.5 million preferred shares, is due to high demand from institutional investors.
Permira, through its controlled entity The Red & Black, will facilitate the sale. Key players in this transaction include Permira itself, The Red & Black as the seller, and Hugo Boss as the company whose shares are being sold. Despite the economic climate, Hugo Boss has been performing well, opening a new store in Bilbao and reporting a 53% increase in profit and a 19% increase in revenue for the first nine months of the year.
The sale will see Permira's stake in Hugo Boss reduce from 66% to 60.6%. However, Permira will remain the largest individual shareholder in the company.
The sale of 4.5 million preferred shares in Hugo Boss, driven by institutional investor interest, is set to conclude with Permira retaining a majority stake in the luxury fashion brand.
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