by Apparel Resources News-Desk
06-December-2019 | 1 min read
The luxury market is getting more and more competitive as Kering SA, the parent of Gucci and Balenciaga, is eyeing the high-end coat maker Moncler for upping their game in the race against rival luxury house LVMH.
LVMH enclosed a deal with American jeweler Tiffany & Co a few days back for US $ 16.2 billion.
Senior executives at Moncler and Kering have held exploratory talks about a ‘combination’, but there is no indication that it could lead to a purchase.
Moncler was valued at US $ 11.9 billion, and rose by 10 per cent on Thursday morning.
Remo Ruffini, the Italian billionaire, bought Moncler in 2003 and took it public in 2013, with its share price rising 187 per cent from its IPO price to close to an all-time high on Thursday.
A spokeswoman told Forbes: “Mr. Remo Ruffini – in his capacity as a shareholder of Moncler – would like to clarify that from time to time he maintains contacts and interacts with investors and other sector participants, including the Kering group, in order to explore strategic potential opportunities to further promote the successful development of Moncler.”
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