JPM

Moncler investor sells stake at 67 euros, shares down over 3%

Credit: REUTERS/DADO RUVIC

MILAN, March 19 (Reuters) - Italy's Rivetti family, former owner of the Stone Island brand, said on Tuesday it had sold a stake in Moncler MONC.MI, sending the Italian luxury group's shares down by as much as 3.5%.

The placement comes less than a month after the announcement that the Rivetti family would become a direct shareholder in the luxury group after ending an investment agreement with CEO Remo Ruffini's holding company Double R.

The Rivettis said they sold a 1.18% stake through an accelerated bookbuilding to institutional investors at 67 euros per share, with JP Morgan acting as sole bookrunner.

The stake was not part of a consultation agreement they sealed with Ruffini when they left the holding company.

The Rivettis, who operate through a vehicle named Grinta, added that they still hold 0.5% of Moncler share capital which is not part of the collar derivative contract.

The connection between the Rivettis and Moncler dates back three years to when Moncler bought their Stone Island company.

Shares in Moncler were down 2.46% at 67.54 euros per share at 1000 GMT.

BUZZ Moncler https://tmsnrt.rs/3THG7zO

(Reporting by Elisa Anzolin Editing by Keith Weir)

((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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