Moncler main owner brings in new investors to grow footprint
[MILAN] The main shareholder of Italy's Moncler said on Thursday it had reached an agreement with two long-term investors to grow the footprint of the luxury outerwear maker.
Ruffini Partecipazioni, which currently owns 32 per cent of Moncler, said it would place its stake in the group in a new company (newco) that it would fully own in a first stage.
Singapore-based Temasek and Juan Carlos Torres, a shareholder and chairman of travel retail group Dufry, would then buy a 24.4 per cent stake in the newco.
Clubsette, an investment vehicle owned by Tamburi Investment Partners and which owns 14 per cent of Ruffini Partecipazioni, will exchange it for a 5.1 per cent direct holding in Moncler, the statement said.
At the end of the operation the newco will own 26.8 per cent of Moncler and Remo Ruffini, chairman and CEO of Moncler, will remain the single largest and controlling shareholder, it said.
By 0718 GMT shares in Moncler fell 4 per cent.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Indian winemaker Sula Vineyards' Q4 profit slips on mounting expenses
Olam tops Louis Dreyfus’ offer for Australia’s Namoi Cotton as takeover battle heats up
Puma returns to sales growth in Americas despite ‘volatile’ market
Nanjing Xinjiekou Department Store announces May 23 EGM; Cordlife seeking legal advice
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
‘Limits’ to MOH intervention for Cordlife customer refunds, compensation: Janil