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By
Reuters
Published
Jun 6, 2011
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Moncler puts off IPO plans after Eurazeo deal

By
Reuters
Published
Jun 6, 2011

June 6 (Reuters) - Luxury clothing brand Moncler postponed plans for an IPO after investment company Eurazeo said it would acquire 45 percent of the company for 418 million euros ($612.1 million).

Moncler
A model backstage at Moncler Gamme Bleu's spring 2011 menswear runway show (Photo: Corbis)

The announcement comes just a few days after Moncler got the go-ahead for its planned initial public offering.

Announcing the change in plans, Moncler said in a statement: "The company and its shareholders believe that the entry of Eurazeo constitutes the best way to pursue the Moncler group's growth strategy and development of its brands to come to the market in the near future."

Eurazeo is due to hold a conference call to discuss the announcement at 0630 GMT.

Remo Ruffini, the chairman and creative director, will retain a 32 percent stake in the company and U.S. private equity group Carlyle a 17.8 percent stake, Eurazeo said in its statement.

The company, which makes goose-down jackets branded Moncler and was founded in Grenoble, France in 1952, reported 2010 revenue of 429 million euros, net income of 52 million euros and EBITDA of 102 million.

Its jackets, first sold in Alpine ski resorts such as Cortina and Chamonix, are now found in the hip shopping streets of cities such as Paris, Berlin, London, Vienna and Tokyo.

Eurazeo has a portfolio of over 4 billion euros in assets, with major shareholdings in companies including hotel group Accor and wholesaler Rexel.

(Reporting by Helen Massy-Beresford and Valentina Za; Editing by Jane Merriman)

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