Moncler SpA’s top shareholders announced on February 24 that the family known for the Stone Island sportswear brand is withdrawing “cooperatively” from its investment.
Moncler’s CEO and principal shareholder, Remi Ruffini, will be left with 16 percent in the luxury group when the family exits the holding company, Double R, in a move that “makes the company more accessible for potential bidders,” reported Reuters.
The Rivetti family, which got Double R’s shares due to Moncler’s acquisition of Stone Island three years ago, holds a 16.5 percent stake in Double R, which has a 23.7 percent stake in Moncler.
Similarly, Singapore state investor Temasek said last month that it would exit Double R and become a direct shareholder in the luxury group. Through their financial vehicles, Temasek and Rivetti’s family will have a direct stake of around 4 percent each in Moncler, a company with a market valuation of around $19.1 billion U.S.
The exits open up “overhang risks on both stakes,” Intesa Sanpaolo analysts said.
Moncler shares were down 2.4 percent in a primarily negative luxury sector. “On the positive side, we point out that the evolution of Moncler’s shareholders structure is increasing the group’s contestability,” the analysts added.
The Rivetti family signed a three-year consultation agreement with Ruffini, which does not limit shares transfer. Carlo Rivetti will remain a Moncler board member and chairman of Stone Island.
Image courtesy Moncler
