The Rivetti family, previously known for owning the Stone Island brand, has recently sold part of their stake in Moncler, resulting in a noticeable decrease in the luxury group’s stock value.
This development followed shortly after an announcement that the Rivettis would become direct shareholders in Moncler, ending their previous investment agreement with CEO Remo Ruffini’s Double R holding company.
The family sold a 1.18% stake to institutional investors through an accelerated bookbuilding process, handled by JP Morgan at a price of 67 euros per share.
This sale was independent of a prior consultation agreement with Ruffini upon their departure from his holding company.
Additionally, JP Morgan sold another 1.88% of Moncler’s share capital at the same price to manage exposure from a collar derivative contract with the Rivetti family.
Despite these sales, the Rivettis, under their Grinta vehicle, retain a 0.5% stake in Moncler, which is not involved in the derivative contract.
This move marks a significant change in the relationship between the Rivetti family and Moncler, which began three years ago when Moncler acquired the Rivettis’ Stone Island company.
Following the transaction, Moncler’s shares experienced a downturn, with a 2.46% drop to 67.54 euros per share by mid-morning.
This sale reflects the shifting dynamics within the luxury fashion industry and highlights the financial maneuvers of families and firms within this sector.