Under the terms of the transaction, Double R will increase its stake in Moncler up to a maximum of 18.5% through further purchases of Moncler shares over a period of approximately 18 months. The funding of such purchases will be provided by LVMH which will increase its investment in Double R up to a maximum of approximately 22%.

This partnership between Ruffini Partecipazioni Holding and LVMH, the world’s largest luxury group, will reinforce Remo Ruffini’s position as the largest shareholder of Moncler.

Remo Ruffini will continue to define and drive Moncler Group’s plans for future development and, as Chairman and CEO, will remain fully committed to Moncler Group’s success. The LVMH Group, as stable long-term minority shareholder of Double R, will support the deployment of Ruffini’s future vision for the Moncler Group.

In the context of the transaction, the parties entered into a shareholders’ agreement which governs their relationship as direct shareholders of Double R and indirect shareholders’ of Moncler. The governance structure confirms Remo Ruffini’s sole control over Double R and provides, among others, for the right of LVMH to appoint two members to the Board of Double R and one member to the Board of Moncler.

Remo Ruffini, chairman and CEO of Moncler, said: “This partnership reinforces Double R's position in Moncler and provides the stability needed to execute my vision for the future. I have long admired Bernard Arnault's entrepreneurial spirit and unique understanding of the luxury sector, and I am delighted he so clearly supports my long-term ambitions for our Group’s extraordinary brands.”

Bernard Arnault, chairman and CEO of LVMH, said: “Moncler has been one of the most significant entrepreneurial success stories in the industry over the past twenty years. Remo Ruffini’s vision and leadership are remarkable and I am delighted to invest in his holding company to reinforce his position as leading shareholder on Moncler and support the independence of the Moncler Group.”

Terms of the shareholders agreement will be disclosed to the public in accordance with the applicable law.

Ruffini Partecipazioni Holding was assisted by Gatti Pavesi Bianchi Ludovici as legal advisor and Cornelli Gabelli e Associati as strategic advisor. LVMH was assisted by Bonelli Erede as legal advisor.

Note: The content of this press release has not been edited by Fibre2Fashion staff.
 

Fibre2Fashion News Desk (HU)