Moncler’s main stakeholder, Ruffini Partecipazioni Srl, controlled by Moncler chairman and chief executive officer Remo Ruffini, has entered into an agreement with the two strategic long-term oriented investors to support the development of the fashion brand.
As per the agreement, Ruffini Partecipazioni will contribute in kind its stake in Moncler in a newly incorporated investment company, which will be fully owned at inception by Ruffini Partecipazioni. Temasek and Torres will acquire a combined 24.4 percent equity stake in the new company, which will continue to be called Ruffini Partecipazioni.
At the same time, Clubsette Srl, an investment vehicle controlled by Tamburi Investment Partners, which currently owns a 14 percent stake in Ruffini Partecipazioni, will exit the company and receive a 5.1 percent direct equity holding in Moncler as reimbursement and liquidation.
In May, Tamburi inked an agreement with Furla for a capital increase, eyeing an initial public offering of the accessories brand by 2018. The Marzotto, Loro Piana and Ferragamo families are among the investors in Tamburi, which also has investments in Hugo Boss and Ferrari.
With the new shareholding structure, Ruffini Partecipazioni will hold a 26.8 percent stake in Moncler. Ruffini will remain the single largest and controlling shareholder and will continue to lead Moncler.
Longtime shareholder investment firm Eurazeo SA will continue to hold a 15.53 percent stake in Moncler; Norges Bank has 2.04 percent stake and
T. Rowe Price Associates Inc. has a 4.95 percent stake.
The remaining shares in Moncler will continue to be publicly traded at the Italian Stock Exchange.
“In Temasek and Juan Carlos, I have found what I have been seeking as I look toward the future phases of Moncler’s development: committed, supportive, knowledgeable and ambitious strategic partners, who understand my vision for the brand, the company and our people,” Ruffini said.
“As partners they bring skills and experience to complement those we have within the group to pursue the right future growth opportunities. Just as importantly, they also have strong economic alignment of interest with all of Moncler’s institutional and individual shareholders,” he added.
The agreement is expected to be effective on Aug. 3. The investors are committed to a three-year lock-up period, while Ruffini and Ruffini Partecipazioni will be committed to a two-year lock-up period.
“I’m so impressed by Remo’s vision for developing a unique luxury business and the innovative, thoughtful and serious way in which he goes about delivering on the objectives he sets,” Torres said.
“Our commitment to the group’s successful growth and development reflects our admiration for what Remo and his team have achieved to date and our faith in the group’s outstanding prospects for the future,” he added. A longtime partner at Advent International, Torres is chairman and shareholder of travel retail giant Dufry.
Tan Chong Lee, head of Europe at Temasek, underscored that this investment is the group’s “largest commitment to an Italian company to date. We view Italy as home to leading consumer and luxury businesses that have considerable export and international growth potential.”
Incorporated in 1974, Temasek is an independent investment vehicle based in Singapore, with a $180-billion portfolio ranging from telecommunications, media and technology to financial services, transportation, real estate, agriculture, energy and resources.
The new shareholding structure was revealed a day after Moncler reported growth across all markets and distribution channels in the first half of the year, and a 17 percent spike in revenues to 346.5 million euros, or $388 million at average exchange rates, compared with the same period last year.