FRANKFURT, Feb 9 (Reuters) - Private equity firm Permira is further reducing its stake in Hugo Boss through two transactions, cutting its holding in the German fashion retailer to 14 percent or less from 32 percent, Hugo Boss said late on Monday.
Permira, the group’s largest shareholder, has started placing at least 7.35 million shares, or a 10.4 percent stake, through a bookbuilding procedure.
The fashion group added that Permira’s investment vehicle, Red & Black Lux S.a r.l., would also sell Hugo Boss shares worth 500 million euros ($566 million) to two entities of the Marzotto family.
Permira committed itself to a 90-day lock-up period for its remaining stake, Hugo Boss said.
Permira spent 5.3 billion euros on a controlling stake in Hugo Boss in 2007, installing Claus-Dietrich Lahrs as chief executive, who has overseen the stock’s quadrupling in value since then.
Permira had cut its stake in Hugo Boss in December to about 32 percent from 39 percent. ($1 = 0.8831 euros) (Reporting by Ludwig Burger; Editing by Larry King)