French luxury conglomerate LVMH, through a special purpose vehicle, has purchased a 10 percent stake in Double R, the investment vehicle controlled by Ruffini Partecipazioni Holding, which owns a direct stake in Moncler of around 15.8 percent. The financial terms of the deal were not disclosed.
Under the terms of the agreement, Double R will increase its stake in Moncler up to a maximum of 18.5 percent through further purchases of Moncler shares over the next 18 months. The funding for such purchases will be provided by LVMH, which will, in turn, increase its stake in Double R by as much as 22 percent. As part of the transaction, the parties entered into a shareholders’ agreement that confirms Remo Ruffini’s sole control over Double R and provides for the right of LVMH to appoint two members to the Board of Double R and one member to the Board of Moncler.
LVMH was created in 1987 from the merger of Moët Hennessy and Louis Vuitton and is a world leader in luxury. Ruffini took over Moncler in 2003. In addition to Moncler, Moncler Group also owns the Stone Island brand, which it acquired about four years ago.
