FRANKFURT, Germany - Permira has placed a 5.6 percent stake in fashion group Hugo Boss at 101.50 euros a share with institutional investors, a source familiar with the transaction said on Wednesday.

The buyout group reaped just over 400 million euros ($545 million) from the sale, which will result in an increase of Hugo Boss' free float to around 48 percent of the share capital.

Permira, which owns the Hugo Boss stake via its Red & Black investment vehicle, last sold off shares in May 2013 and November 2011, when it reduced its stake by 10 percent and 6.4 percent respectively.

Morgan Stanley organised the accelerated book building process.

$1 = 0.7345 Euros