Bubble Up: LVMH Makes Investment Into Moncler
Yesterday at 09:48 AM
Source: Jacopo Raule / Getty
It seems LVMH is looking to increase their portfolio within the luxury apparel sector. The conglomerate has made an investment into Moncler.
As spotted on Hype Beast the French holdings company announced on Thursday, September 26 that they acquired a 10% stake in Remo Ruffini (the investment vehicle controlled by Ruffini Partecipazioni Holding) which owns a direct stake in Moncler. The move will not only increase Double R’s ownership from 15.8% to 18.5%, but also affords LVMH the right to appoint two board seats at Double R. According to Yahoo! News long tenured LVMH executive Antonio "Toni" Belloni will get one of the seats while the other has yet to be announced. Remo Ruffini will remain as Moncler’s CEO and Chairman.
He expressed his enthusiasm in a formal statement. "This partnership reinforces Double R’s position in Moncler and provides the stability needed to execute my vision for the future” he said. “I have long admired Bernard Arnault’s entrepreneurial spirit and unique understanding of the luxury sector, and I am delighted he so clearly supports my long-term ambitions for our Group's extraordinary brands."
Bernard Arnault, Chairman and CEO of LVMH, also commented on the agreement. "Moncler has been one of the most significant entrepreneurial success stories in the industry over the past twenty years. Remo Ruffini's vision and leadership are remarkable and I am delighted to invest in his holding company to reinforce his position as leading shareholder on Moncler and support the independence of the Moncler Group."
Moncler is an Italian luxury ready to wear apparel company based in Milan. They are most known for their down jackets
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