Moncler’s main shareholder will hold 16% after reshuffle

Moncler‘s CEO and main shareholder will be left with roughly 16% of the luxury group once the Rivetti family exits the holding company in a move making the company more accessible for potential bidders, analysts said.

Moncler said on Saturday the Rivetti family will become a direct shareholder in the luxury group after ending an investment agreement with CEO Remo Ruffini‘s holding company Double R.

The Rivetti family, which got Double R’s shares as a result of Moncler’s acquisition of Stone Island some three years ago, currently holds a 16.5% stake in Double R, which in turn has a 23.7% stake in Moncler.

Similary, Singapore state investor Temasek said last month it would exit Double R and become a direct shareholder in the luxury group.

Temasek and Rivetti’s family, through their financial vehicles, will have a direct stake of around 4% each in Moncler, a company with a market valuation of around 17.6 billion euros ($19.1 billion).
The exits open up “overhang risks on both stakes”, Intesa Sanpaolo analysts said.

Moncler shares were down 2.4% around 1035 GMT, in a luxury sector that was mostly negative.
“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 said on Saturday it 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.