LVMH backs Moncler CEO to increase stake in the company, FT says

LVMH (LVMUY) has entered a deal with the CEO of Moncler (MONRY) to take an up to 22% stake in the investment vehicle that controls the Italian luxury outwear specialist, Adrienne Klasa of The Financial Times reports. LVMH has bought a 10% stake in Double R, the entity through which Moncler CEO Remo Ruffini owns 15.8% of the business. Under the agreement, using LVMH funds, Double R will increase its stake in Moncler to up to 18.5%. Ruffini will continue to control Double R, but LVMH will be able to appoint two of its board members, as well as one at Moncler.