Italian luxury outdoor fashion company Moncler S.p.A., on behalf of Double R Srl, Ruffini Partecipazioni Holding Srl (RPH) and Grinta Srl, announced that Grinta, a corporate vehicle of the Rivetti family, has announced its withdrawal from Double R. Double R is a sub-holding company controlled by RPH, a holding company wholly owned and controlled by Remo Ruffini, an Italian billionaire businessman who also serves as Chairman and CEO of Moncler.
At the time of the announcement, Grinta held approximately 16.473 percent of the share capital of Double R, while Double R, in turn, held approximately 23.721 percent of the share capital of Moncler S.p.A.
For the purposes of the withdrawal, Double R and Grinta said they will initiate the procedure set forth in the by-laws, as a result of which Double R will assign to Grinta a number of Moncler ordinary shares (substantially corresponding to Grinta’s proportionate shareholding in Moncler) to be determined in accordance with the aforementioned procedure. Following completion of such assignment, Grinta and Double R will comply in a timely manner with all disclosure obligations that may be required under applicable laws and regulations.
Non-binding consultation agreement
As a result of the exercise of the right of rescission, the Rivetti family will, therefore, hold its interest in Moncler shares through Grinta. In addition, simultaneously with the exit from Double R, Grinta and RPH entered a consultation agreement, effective upon the assignment of the Moncler shares to Grinta, governing the mutual obligation to consult each other with regard to the Moncler shareholders’ meetings, without this having any binding effect. The consultation agreement has a term of three years, does not provide for any restriction on share transfers and, in the case of the Rivetti family, concerns 7,500,000 Moncler shares.
Following the Rivetti family’s decision to exchange their stake in Double R for Moncler shares, Carlo Rivetti will continue to work with Moncler’s management in his capacity as a member of Moncler’s Board of Directors and as Chairman of Stone Island’s Board of Directors.
Stone Island was merged into Moncler at the end of 2020 through the acquisition of 70 percent of Stone Island’s parent company, Sportswear Company S.p.A., from the Rivetti family. Shortly afterward, the brand was completely taken over by Moncler S.p.A., while Rivetti continued to run Stone Island independently. In June 2023, former Gucci manager Robert Triefus was appointed as the new CEO of Sportswear Company, reporting to the company’s Board of Directors, which is chaired by Rivetti.
