Italy’s Marzotto family increased its stake in Hugo Boss AG, showing confidence that new Chief Executive Officer Mark Langer can turn around the struggling German clothier. The family’s Zignago Holding boosted its investment to 10.1 percent as of June 3, according to a regulatory filing Monday. It acquired about 7 percent of Boss when Permira Holdings Ltd. sold a stake in February 2015.
The Marzotto family’s history with Hugo Boss dates back to 1991, when it first acquired the clothier. The family was a key investor in Valentino Fashion Group SpA when that company owned the suitmaker. In 2012, Valentino was acquired by a group of Qatari investors, a deal that didn’t include Hugo Boss. Gaetano Marzotto and Luca Marzotto -- descendants of patriarch Luigi Marzotto, who founded a wool mill in 1836 -- sit on Hugo Boss’s supervisory board.