Moncler abandons float plans after selling a 45 per cent stake
MONCLER has sold a stake to investment company Eurazeo, allowing the upscale clothing maker to sidestep a rocky market for European listings which would have likely demanded it be sold at a big discount.
The French company, which had been due to begin roadshows for its Milan listing this week, agreed to sell a 45 per cent stake to Eurazeo for €418m (£372m), giving it the funds it needs without submitting to a risky IPO.
Eurazeo will become Moncler’s largest investor, replacing private equity group Carlyle Group, whose holding will shrink from 48 per cent to 17.8 per cent.
The European market for flotations has had a difficult year, with many deals being pulled and most of those that have been completed trading below their offer price.