Kering squashes Moncler purchase rumor

Kering shuts down down acquisition of Moncler. The group led by François-Henri Pinault confirms that the acquisition of the French company is not on the table. Pinault argues that the group will focus on existing brands, which include Saint Laurent, Balenciaga and Gucci, among others.

Remo Ruffini, a Moncler executive, clarified that the conversations he was having with Pinault were related to the Fashion Pact, the industry’s environmental initiative, led by Kering.

Following rumors of talks between Kering and Moncler, published by Bloomberg, the value of the French company’s stock rose. The company is currently valued at 9.8 billion euros (10.7 billion dollars).

Moncler clarified that the conversations he was having with Pinault were related to the Fashion Pact

The last time the group assessed the purchase of a company was in 2018, when it ruled out the acquisition of Versace. Finally, Michael Kors took over the company for 2.1 billion dollars

LVMH, its French competitor, last year acquired the Tiffany jewelry company for 16.2 billion dollars, by far the greatest deal in the sector. Kering shareholders have reflected their desire that the group be less dependent on Gucci, which represents 60% of the group’s total revenue.