By  on September 3, 2014

BERLIN — Shares of Hugo Boss AG fell 5.7 percent to 101 euros, or $132.50 at current exchange, at the close of trading on the Frankfurt Stock Exchange Wednesday after Permira Holdings Ltd. revealed plans to further reduce its stake.

Permira, the largest shareholder of Hugo Boss with about a 50.4 percent stake, intends to place up to 7.9 million shares of Hugo Boss AG in an accelerated bookbuilding process through its majority owned company Red & Black SA. The stake is valued at 846 million euros, or $1.1 billion at current exchange, and represents about 11.2 percent of total share capital.

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