Private equity firm Permira has sold its remaining 12% stake in German fashion retailer Hugo Boss just a month after reducing its share for a third time.

Through its majority-owned company Red & Black, Permira has placed 8.4m shares with institutional investors as part of an accelerated bookbinding process.

The move marks the full exit of the Permira funds from Hugo Boss following a seven-year partnership and following the sale of Valentino in 2012.

Permira reduced its stake in Hugo Boss for a third time in just over a year last month, in a deal estimated at around EUR806m (US$909.4m). The latest sale is reported to be worth around EUR1bn.

Jörg Rockenhäuser, managing partner at Permira in Germany, said of the move: “We're very proud to have backed Hugo Boss over the past seven years, as it became one of the eight most valuable global fashion brands. With the backing of the Permira funds, Hugo Boss was transformed from a wholesale supplier into a fastgrowing branded retailer. The group is outstandingly positioned today to capture future growth opportunities particularly as it continues to expand its own retail operations and its women's wear portfolio.”

Since the Permira funds invested in 2007 and under CEO Claus-Dietrich Lahrs' leadership, sales at Hugo Boss increased by 60% to EUR2.6bn in 2014, and EBITDA has more than doubled from EUR275m in 2007 to EUR591m in the last fiscal.

Permira said it will continue to invest in attractive fashion companies and brands with similar expansion potential to Hugo Boss and Valentino.