Permira announces today that Red & Black, the holding company controlled by the Permira IV Fund, has placed a total of 8.4 million shares in Hugo Boss, selling its remaining 12% stake in the fashion company. This marks the full exit of the Permira funds from Hugo Boss after over seven years of successful partnership and following the sale of Valentino in 2012.
“We're very proud to have backed Hugo Boss over the past seven years, as it became one of the eight most valuable global fashion brands,” says Jörg Rockenhäuser, Managing Partner at Permira in Germany. “With the backing of the Permira funds, Hugo Boss was transformed from a wholesale supplier into a fast-growing branded retailer. The Group is outstandingly positioned today to capture future growth opportunities particularly as it continues to expand its own retail operations and its womenswear portfolio.”
Under Permira IV’s ownership, Hugo Boss established a strong position within the luxury segment and its international growth significantly gained pace, particularly in Asia. The company is now present in more than 130 countries and it more than tripled the number of directly operated high-margins retail stores.
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