Under the terms of the transaction, Double R will increase its stake in Moncler to a maximum of 18.5% through new purchases of Moncler shares over a period of approximately 18 months. These purchases will be financed by LVMH, which will increase its investment in Double R to a maximum of approximately 22%.
LVMH has acquired a 10 percent stake in Double R, the vehicle of Ruffini Partecipazioni Holding, which owns 15.8 percent of Moncler. Double R plans to increase its stake in Moncler to 18.5 percent, backed by LVMH, which could increase its stake in Double R to 22 percent. This partnership strengthens Remo Ruffini's control over Moncler, while LVMH gains representation on the board of directors of both Double R and Moncler.
This partnership between Ruffini Partecipazioni Holding and LVMH, the world's largest luxury group, will strengthen Remo Ruffini's position as Moncler's largest shareholder.
Remo Ruffini will continue to define and drive the future development plans of the Moncler Group and, as President and CEO, will remain fully committed to the success of the Moncler Group. The LVMH Group, as a long-term stable minority shareholder of Double R, will support the deployment of Ruffini's future vision for the Moncler Group.
In the context of the transaction, the parties entered into a shareholders' agreement that regulates their relationship as direct shareholders of Double R and indirect shareholders of Moncler. The governance structure confirms Remo Ruffini's exclusive control over Double R and provides, among other things, for LVMH's right to appoint two members of the board of Double R and one member of the board of Moncler.
Remo Ruffini, President and CEO of Moncler, said: “This partnership reinforces Double R's position at Moncler and provides the stability necessary to execute my vision for the future. “I have long admired Bernard Arnault’s entrepreneurial spirit and unique understanding of the luxury sector, and I am delighted that he so clearly supports my long-term ambitions for our Group’s extraordinary brands.”
Bernard Arnault, Chairman and CEO of LVMHstated: “Moncler has been one of the biggest business success stories in the industry over the past twenty years. Remo Ruffini’s vision and leadership are remarkable and I am delighted to invest in his holding company to strengthen its position as a leading Moncler shareholder and support the independence of the Moncler Group.”
The terms of the shareholders' agreement will be disclosed to the public in accordance with applicable law.
Ruffini Partecipazioni Holding was assisted by Gatti Pavesi Bianchi Ludovici as legal advisor and Cornelli Gabelli e Associati as strategic advisor. LVMH was assisted by Bonelli Erede as legal advisor.
Note: The content of this press release has not been edited by Fibre2Fashion staff.
Fiber2Fashion News Desk (HU)
