MILAN (Reuters) - Italy's Rivetti family, former owner of the Stone Island brand, said on Tuesday it had sold a stake in Moncler, sending the Italian luxury group's shares down by as much as 3.5%.
The placement comes less than a month after the announcement that the Rivetti family would become a direct shareholder in the luxury group after ending an investment agreement with CEO Remo Ruffini's holding company Double R.
The Rivettis said they sold a 1.18% stake through an accelerated bookbuilding to institutional investors at 67 euros per share, with JP Morgan acting as sole bookrunner.
The stake was not part of a consultation agreement they sealed with Ruffini when they left the holding company.
JPMorgan (NYSE:JPM), as part of a collar derivative contract entered into by the Rivetti family on part of their stake, sold an additional 1.88% of Moncler share capital at the same price to manage its exposure to the contract, according to the statement.
The Rivettis, who operate through a vehicle named Grinta, added that they still hold 0.5% of Moncler share capital which is not part of the collar derivative contract.
The connection between the Rivettis and Moncler dates back three years to when Moncler bought their Stone Island company.
Shares in Moncler were down 2.46% at 67.54 euros per share at 1000 GMT.