Grinta, the Rivetti family’s investment vehicle that had a 16.8 per cent stake in Double R, has notified its withdrawal from the latter, the holding company of Moncler chief executive officer Remo Ruffini. Double R had held 23.7 per cent of Moncler shares.
The Rivetti family, a leading dynasty in Italy’s textile industry, will turn a direct, instead of indirect, shareholder in luxury down jacket manufacturer Moncler.
The family’s investment vehicle Grinta, which had a 16.8 per cent stake in Double R, the holding company of Moncler CEO Remo Ruffini, has notified its withdrawal from the latter.
Moncler had acquired Stone Island, an Italian luxury fashion house specialising in men’s apparel, outerwear and accessories, in 2021 from the Rivetti family, which obtained 16.5 per cent of Double R’s shares.
Ruffini Partecipazioni, the holding of Remo Ruffini, has a 66.7 per cent 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 board member, supporting Ruffini, and as chairman of the board of directors of Stone Island.
Double R, Grinta and Ruffini Partecipazioni recently issued a joint press release announcing the development.
Grinta and Ruffini Partecipazioni have also signed 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, no. 7,500,000 Moncler shares,” the press release said.
Singapore-based investment company Temasek last month said, in a similar move, that it would exit Double R and become a direct shareholder in Moncler, with a stake of around 4 per cent.
Fibre2Fashion News Desk (DS)