Big changes in the shareholding structure of Moncler. From Ruffini Participations, which controls the fashion company, will be out Clubsette, vehicle of Drums Investment Partners which held 14% of the holding company and which will receive a direct 5,125% stake in the luxury sportswear group in repayment and liquidation of its investment.
Tamburi explains that in September he will start the liquidation of Clubsette: in this way he will allow the allocation to his shareholders of the relative pro quota of Moncler shares, net of payments by the company of the debts connected to the operation. With this operation, the Tip group achieves a consolidated capital gain of approx 80 million euro.
At the same time, the patron of Moncler, Remo Ruffini, will be joined by two new investors long-term strategic: Temasek (Singapore investment firm) e Juan Carlos Torres (shareholder and chairman of the Dufry group), who have experience and connections in both the travel retail sector and the luxury market in Asia.
In detail, Ruffini Partecipazioni will transfer its stake in Moncler (equal to 32%) to a newco, which will then change its name – becoming the new Ruffini Partecipazioni – and following the maneuver by Tamburi will have a 26,8% stake in Moncler.
In turn, the newco will be held 24,4% by the two new shareholders e 75,6% by Remo Ruffini, who will therefore remain the main single shareholder as well as the controlling shareholder and will continue to define and guide Moncler's plans for its future development. The investment agreement should take effect on August 3 (closing date).
The investment agreement includes a pact: the two new investors will also have the right to appoint a member of the Moncler Board of Directors, already identified in Juan Carlos Torres, and will commit to a three-year lock-up period in the Newco, while for Remo Ruffini and Ruffini Partecipazioni the lock-up will be for two years. However, the agreement provides for the possibility of terminating the partnership before it expires.
With this transaction, Remo Ruffini “has taken another important step – reads a note – in his plan to secure new long-term oriented first-class partners and investors who have the intellectual capital, financial strength and commitment to give support to its strategy for Moncler”.
Yesterday with markets closed Moncler published accounts for the first semester. Opening today the stock on the stock exchange of the company loses 1,5%, to 15,76 euros per share. Analysts are aiming the index at a profit of 33,6 million, a result below expectations by at least 36 million.
