Permira sells remaining stake in Hugo Boss
Private equity company Permira has sold its remaining 12% stake in Hugo Boss.
The move marks the full exit of the Permira funds from the fashion company after a seven year partnership.
Jörg Rockenhäuser, managing partner at Permira in Germany, said: “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.
“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.”
Since the Permira funds invested in 2007, sales at Hugo Boss have increased by 60% to €2.6 billion with EBITDA more than doubling from €275 million to €591 million last year. The company is now present in more than 130 countries and has more than tripled the number of directly operated retail stores.
Hugo Boss chief executive Claus-Dietrich Lahrs said: “Permira saw Hugo Boss' huge potential from the beginning and always acted as a reliable partner. Over the past years, our management team developed a focused corporate strategy, which underpinned our strong growth and we plan to continue on this path.”
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