Permira Buys 85% Stake in Hugo Boss

Germany Red & Black Lux, a unit of private equity group Permira, said Friday it acquired just more than 85% of the voting rights of Hugo Boss, as it moves to acquire the German fashion company.

Permira is also in the midst of taking over Italy's Valentino Fashion Group Valentino is Hugo Boss's biggest shareholder, holding 79% of its ordinary shares and 22% of its preferred shares.

Red & Black said it will give Hugo Boss shareholders who have not tendered their shares until midnight on Sept. 7 to do so. The company is paying 48.33 euro ($65.60) for each ordinary share of the Metzingen-based maker of clothing, shoes, leather goods and perfume, and 43.45 euro ($58.98) for each outstanding preferred share.

Shares of Hugo Boss fell 0.29% in Frankfurt trading.

Hugo Boss earlier this year reported that its first-quarter net profit rose to 7 million euros ($9.5 million) from 3 million euros a year earlier, as sales rose by 9% to 500 million euros ($678.7 million).