Eurazeo sells residual stake in Moncler
Eurazeo's residual stake in Moncler of nearly 12.2 million shares was valued at approximately €452 million, based on the closing price (€37.05 per share) on Tuesday for Moncler, which is listed on the Milan stock exchange.
In the press release, Eurazeo indicated that the divestment - which is expected to occur at a slight discount on the listed share price - will be made by means of “an accelerated placement with institutional investors,” which started on Tuesday evening.
At the end of the operation, Eurazeo and its subsidiary ECIP will “no longer hold any shares or voting rights in Moncler,” either directly or indirectly, stated the press release, which added that Eurazeo will issue a further statement regarding the result of the sale, once the operation will be finalised.
Moncler is one of the main success stories in the brand portfolio of Eurazeo, which gave a decisive contribution to the label's internationalisation in the last few years.
The Italian label is currently in excellent health: last year, its sales rose by 19.4% to €1.4 billion, and its share price has more than trebled compared to its initial listing value at the end of 2013, which was €10.20 per share.
In 2011, Eurazeo acquired an initial stake in Moncler of 45%, and then gradually reduced its shareholding as the label expanded.
Translated by Nicola Mira
Copyright © 2019 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.