Investor Sells Stake in Moncler at 67 Euros: The Italian luxury conglomerate Moncler’s stock fell as much as 3.5% after the Rivetti family, who were once owners of the Stone Island brand, said on Tuesday that they had sold a portion of their ownership in the company.

Less than thirty days have passed since the luxury firm announced that the Rivetti family would terminate an investment arrangement with CEO Remo Ruffini’s holding company Double R, allowing them to become direct shareholders. This placement follows the news.

Investor Sells Stake in Moncler at 67 Euros

Through an expedited bookbuilding process, the Rivettis reportedly sold a 1.18 percent stake to institutional investors for 67 euros a share, with JP Morgan serving as the exclusive bookrunner.

When they departed the holding firm, they did not include the interest in the consultation agreement they executed with Ruffini.

The announcement states that in order to control its exposure to the collar derivative contract that the Rivetti family engaged into for a portion of their stock, JPMorgan sold an extra 1.88% of Moncler’s share capital at the same price.

Even though it is not included in the collar derivative contract, the Rivettis—who do business through an entity called Grinta—also have a 0.5% stake in Moncler’s share capital.

Three years ago, Moncler purchased the Rivetti family’s Stone Island business, beginning the link between the two companies.

As of 1000 GMT, one euro was worth 67.54 euros, a decrease of 2.46% for Moncler shares.