Permira acquires German fashion retailer Schustermann & Borenstein

European private equity group Permira has acquired German fashion retailer and exporter Schustermann & Borenstein, the companies said on Tuesday without disclosing financial details.

The sale of Schustermann & Borenstein, a Munich-based family business acquired by French buyout firm Ardian in 2012, is expected to fetch between 700 million and 800 million euros (£711.76 million), sources had previously told Reuters.

Schustermann & Borenstein exports fashion to Eastern Europe and other countries. It also sells clothing at three brick and mortar locations in Munich and Vienna and on an online platform called BestSecrets.com.

In 2015, the retailer posted 300 million euros in revenues and saw earnings before interest, taxes, depreciation and