December 12, 2014 / 8:20 AM / 3 years ago

Permira sells Hugo Boss shares for 500 million euros: source

The logo of German fashion house Hugo Boss is seen on a clothing label at their outlet store in Mezingen near Stuttgart October 29, 2013. REUTERS/Michael Dalder

FRANKFURT (Reuters) - Buyout group Permira has sold an 11 percent stake in German fashion retailer Hugo Boss (BOSSn.DE) for 500 million euros ($620 million), a source familiar with the matter said on Friday.

“Books are closed, the final price was 102 euros,” the source said.

Hugo Boss shares lost 3.7 percent in early trading after the sale, which reduces Permira’s Hugo Boss stake to 32 percent.

Reporting by Alexander Hübner; Writing by Arno Schuetze; Editing by Maria Sheahan

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