Moncler slips with Double R reorganisation, Rivetti family hands over 3.9%

(Il Sole 24 Ore Radiocor) - Moncler slipped among the worst stocks in the Ftse Mib of Piazza Affari, after the announcement of the requisition of the holding company Double R. On Saturday, the company announced that Grinta (a Rivetti family vehicle) had served notice of withdrawal from Double R, as a result of which it will directly hold around 3.9% of Moncler. Grinta has then signed a consultation pact with Ruffini Partecipazioni Holding, for part of its stake, which 'will regulate the mutual commitment to consult each other, without binding effects, in view of Moncler's shareholders' meetings', but which does not place limits on the sale of shares. Carlo Rivetti will also continue to work with management as a member of the board of directors and president of Stone Island. Grinta's move follows that of Venezio Investments, a vehicle of the Singapore fund Temasek. As a result, the luxury group's stock dropped more than 2% two hours into the first trading session of the week.

"We estimate that the first shareholder of Moncler remains Double R, wholly controlled by Remo Ruffini, with 15.8%", assess Intesa Sanpaolo analysts, pointing out that "the exit of Grinta and Venezio Investments generates overhang risks on both shares", i.e. the possibility that the shares will be sold on the market, although "for the Rivetti family they are mitigated by direct involvement in the management of Stone Island". The evolution of the shareholding structure, on the other hand, 'increases the contestability' of the group, leaving the door open to speculation on further reorganisations.