Marzotto, the Italian textile manufacturer, has significantly increased its investment in Hugo Boss.
On 7 February, the Italian family increased its shareholding through its Zignago Holding entity to more than 15%, according to regulatory filings.
The Marzotto family had previously owned 10% of the German fashion brand. The Marzottos are the only major shareholder in the company; the remaining Hugo Boss shares are in free float and primarily held by institutional investors.
Shares in Hugo Boss rose by almost 4% after the announcement, becoming a top performer on the MDAX.
Hugo Boss posted a 5% increase in sales to €825 million for the fourth quarter of the year, or 4% when adjusted for currency exchange. The company expects to see a 2% increase in currency-adjusted sales for the full year, and an EBIT of €333 million. The fashion group will release its final results for 2019 on 5 March.
Like many other brands, in light of the coronavirus outbreak, Hugo Boss has had to close some stores in China and shorten opening hours of others, but the company said it is too early to assess the impact of these measures.