Moncler went public

Moncler listed on the Milan stock exchange on 16 December 2013, having priced its shares at 10.20 euros, the top of the marketed range, which valued the company at an EV of €1–10bn. The offering covered 31% of the capital including the over-allotment option, raising c.785 million euros, and was 27x subscribed. Eurazeo, holding 45%, Carlyle with 17.8% and Brands Partners with 5% sold into the offering, while Remo Ruffini retained his 32% and continued to lead the company as chairman. Founded in 1952 at Monestier-de-Clermont near Grenoble, Moncler designs and sells luxury outerwear, principally the quilted down jackets on which its reputation rests, retailing between a thousand and three thousand dollars. It operated 122 stores alongside department store and online distribution, and revenue reached €450–900M in 2012, 21.5% above the previous year, with 389 million over the first nine months of 2013. The repositioning conducted since 2003 explains that valuation. Ruffini acquired a manufacturer of ski equipment and turned it into a fashion house whose principal customers never reach a mountain, while retaining the Alpine provenance that justifies the price, and revenue rose more than tenfold over the decade. An earlier attempt to list in 2011 had been abandoned in unfavourable market conditions, Carlyle instead selling 45% to Eurazeo for 418 million euros in a transaction valuing the company at around 1.2 billion. Goldman Sachs, Bank of America Merrill Lynch and Mediobanca coordinated the offering, with JPMorgan, Nomura, Banca IMI and UBS as joint bookrunners and BNP Paribas, Equita and HSBC as lead managers.

In the past, Moncler was acquired by Eurazeo in 2011 as part of its expansion strategy.