Investors including private equity firm Permira have sold off their holding in Hugo Boss for about €950 million, leaving Italy's Marzotto family as the German fashion group's biggest shareholder.

Investment vehicle Red & Black, 60 per cent-owned by Permira, placed about 8.4 million shares, or a stake of 11.9 per cent, at €113 per share, BofA Merrill Lynch said.

Permira has been gradually reducing the holding to take advantage of share price gains over recent years.

At the same time, the Marzotto family has been using the opportunity to buy back shares. It now holds 7 per cent, which is still considerably less than the majority stake it sold to Red & Black roughly eight years ago.

Hugo Boss’s stock has more than doubled in value since Red & Black took it over for €5.3 billion in 2007. – (Reuters)