Monclerâs chief executive and main shareholder will be left with roughly 16 percent 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 Ruffiniâs holding company Double R.
The Rivetti family, which got Double Râs shares as a result of Monclerâs acquisition of Stone Island some three years ago, currently holds a 16.5 percent stake in Double R, which in turn has a 23.7 percent 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 Rivettiâs family, through their financial vehicles, will have a direct stake of around 4 percent each in Moncler, a company with a market valuation of around 17.6 billion euros ($19.1 billion).
The exits open up âoverhang risks on both stakes,â Intesa Sanpaolo analysts said.
Moncler shares were down 2.4 percent around 10:35 GMT, in a luxury sector that was mostly negative.
âOn the positive side we point out that the evolution of Monclerâs shareholders structure is increasing the groupâs contestability,â 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.
By Elisa Anzolin; Editing by Keith Weir
Learn more:
Remo Ruffiniâs Plan for Moncler and Stone Island
Ahead of its first investor day in four years, the Italian outerwear giantâs chairman and CEO lays out a strategy for the future of Moncler Genius, Stone Island, M&A and more.
