Grinta, the Rivetti family investment vehicle that held a 16.8 percent stake in Double R, has notified its exit from the latter, the holding company of Moncler CEO Remo Ruffini. Double R owned 23.7 percent of Moncler shares.
The Rivetti family, a leading dynasty in the Italian textile industry, will become direct, rather than indirect, shareholders in luxury down jacket maker Moncler. Family investment vehicle Grinta, which had a 16.8 per cent stake in Double R, the holding company of Moncler CEO Remo Ruffini, has notified its exit from the latter.
Moncler had acquired Stone Island, an Italian luxury fashion house specializing in men's clothing, coats and accessories, in 2021 from the Rivetti family, which obtained 16.5 percent of Double R shares.
Ruffini Partecipazioni, Remo Ruffini's holding company, has a 66.7 percent stake in Moncler.
The shares will be transferred from Double R to Grinta, and Rivetti will continue to collaborate with the Moncler management team as a member of the board of directors, supporting Ruffini, and as chairman of the board of directors of Stone Island.
Double R, Grinta and Ruffini Partecipazioni recently issued a joint press release announcing the development.
Grinta and Ruffini Partecipazioni have also signed a consultation agreement that will come into force when Grinta divests the Moncler shares. The agreement has a “duration of three years (with the right of each party to freely withdraw from it), [and] does not provide for any limitation on share transfers and will refer, as to the Rivetti family, no. 7,500,000 Moncler shares,” the statement reads.
Singapore-based investment firm Temasek said last month, in a similar move, it would exit Double R and become a direct shareholder in Moncler, with a stake of about 4 percent.
Fiber2Fashion News Desk (DS)
