(Recasts with Eurazeo comment)
By Valentina Za and Marc Angrand
MILAN/PARIS, June 20 Moncler's biggest
independent shareholder has stressed its long-term commitment to
the upmarket clothing brand, after fellow investor Carlyle
cashed in on the strong post-flotation gain in the stock
and sold its entire holding.
French investment firm Eurazeo, which retained a
23.3 percent stake in Moncler after selling part of its holding
in the company's December float, said on Friday it remained a
long-term shareholder in the group led by Remo Ruffini, who
bought the brand in 2003.
"Eurazeo ... reaffirms its confidence and support to
Moncler's management to implement its growth and development
strategy," it said in a note.
Shares of Moncler, which started life as a ski jacket maker
in the French Alps in 1952, had attracted strong demand among
investors convinced of the durable appeal of its brand and its
shares surged to a peak of 16.6 euros early this year, though
they have lost ground since then.
Carlyle said it had sold its 7.13 percent stake for 215
million euros ($293 million) or 12.04 euros per share, a 0.5
percent discount to the stock's closing price on Thursday but
still a healthy premium to its flotation price of 10.2 euros.
The sale came after the expiry of a 180-day lock-up period
during which time three top shareholders - Carlyle's CEP III
vehicle, Brands Partners and a vehicle owned by Eurazeo - could
not sell their residual holdings in Moncler.
Carlyle said Eurazeo had agreed to a further 90 day lockup
on its 23.3 percent stake in the maker of $1,200 goose down
jackets, where Ruffini is the biggest shareholder with 32
By 0951 GMT shares in Moncler, which last month reported a
16 percent rise in first-quarter revenue, were down 0.8 percent
at 11.96 euros, against a 0.3 percent fall in the FTSE MIB
CEP III sold its Moncler stake through an accelerated
bookbuilding procedure with UBS acting as sole
bookrunner and Rothschild as adviser.
($1 = 0.7336 Euros)
(Editing by Jane Merriman and David Holmes)