LVMH, Remo Ruffini Partner to Raise Stake in Moncler

By Pierre Bertrand

LVMH Moet Hennessy Louis Vuitton and Moncler Chief Executive and Chairman Remo Ruffini have teamed up to help Ruffini increase his stake and reinforce his position as Moncler's largest shareholder.

LVMH, the French luxury-goods group, purchased a 10% stake in Double R--an investment vehicle controlled by Ruffini's holding company which holds a direct stake in Moncler--in an agreement that will see Double R buy additional Moncler shares.

Under the terms of the deal, LVMH will further increase its stake in Double R up to a maximum of approximately 22%.

The funds from that increase will go toward Double R increasing its stake in Moncler up to a maximum of 18.5% from approximately 15.8% over the next 18 months, the companies said.

As an indirect shareholder in the Italian luxury-fashion company, LVMH will be able to appoint one board member. As direct shareholders of Double R, LVMH will have the right to appoint two board members, they said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

September 27, 2024 02:23 ET (06:23 GMT)

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