Moncler Sees Shareholding Changes, Rivetti Family to Invest Directly in Brand

MILAN — Changes in Moncler‘s shareholding structure mean that Carlo Rivetti, chairman of Stone Island, will become a direct investor in Moncler with a stake of more than 4 percent.

The Rivetti family’s corporate vehicle, Grinta, has a 16.8 percent stake in Double R, controlled by Ruffini Partecipazioni, the holding of Remo Ruffini, chairman and CEO of Moncler. Double R has a 23.7 percent stake in Moncler. Ruffini Partecipazioni has a 66.7 percent stake in Moncler.

The shares will be passed from Double R to Grinta, and Rivetti will continue to collaborate with the Moncler management team as a member of the board, supporting Ruffini, and as chairman of the board of directors of Stone Island.

In a similar move, last month, Singapore-based investment company Temasek said it would exit Double R and become a direct shareholder in Moncler, with a stake of around 4 percent — the same as Rivetti’s family.

Grinta and Ruffini Partecipazioni have also entered into a consultation agreement that takes effect when Grinta assigns the Moncler shares. The agreement has “a three-year term (with the right of each party to freely withdraw therefrom), [and] does not provide for any limitation to share transfers and will concern, as to the Rivetti family, [7.5 million] Moncler shares,” a statement said.

On Monday, Moncler shares closed down 2.18 percent at 62.70 euros at the end of trading in Milan where the company has been publicly listed since 2013, but this was mainly attributed to a mostly negative day for the luxury sector. Year-end results of the group will be released on Wednesday. Equita said Moncler “remains our favorite stock for the quality of the business.”

In December 2020,  Moncler said it was taking over Sportswear Company SpA, owner of the Stone Island brand, in a deal valued at 1.15 billion euros. The business first acquired 70 percent of the company in 2020 and took full control the following year.

Recently, the group has weathered the challenging macroeconomic, social and political challenges.

In the nine months ended Sept. 30, the group reported revenues of 1.8 billion euros, a 16 percent increase compared with 1.55 billion euros in the same period last year. Sales of the Moncler brand in nine months rose 19 percent to 1.49 billion euros. Stone Island reported a 2 percent gain to 310.1 million euros, reflecting a change in business model from wholesale to direct-to-consumer.

Stone Island is marking 42 years in business in 2024 and is kicking off a series of initiatives under Gucci veteran Robert Triefus, who joined Stone Island in June and has been growing the brand’s retail channel and implementing selective distribution at wholesale. For the first time, Stone Island held a fashion show/presentation in Milan during men’s fashion week in January.

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