Permira sells Hugo Boss shares for 500 million euros

FRANKFURT, Germany - Buyout group Permira has sold an 11 percent stake in German fashion retailer Hugo Boss 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.