Moncler SpA chairman Remo Ruffini became a billionaire today after the Italian maker of quilted polyester jackets priced its initial public offering at the top of an indicated range.
Moncler shares will be priced at 10.20 euros ($14.07) apiece, according to a company statement, valuing the Milan-based fashion company at 2.55 billion euros. Ruffini, who owns a 27.5 percent stake of Moncler through holding company Ruffini Partecipazioni Srl, has a net worth of $1.1 billion, according to the Bloomberg Billionaires Index.
“He’s a leader,” Juan Manuel Mendoza, a luxury analyst at Credit Suisse Group AG, said by phone from his office in Singapore. “He’s not just hired for the job. Moncler is his baby, his work.”
The IPO is the biggest in Italy since Enel Green Power SpA listed in November 2010, providing a further example of renewed investor appetite in Europe amid an economic recovery in the region. Companies in Europe, the Middle East and Africa raised about $32 billion in IPOs in 2013, more than double what they sold in 2012, data compiled by Bloomberg show.
Ruffini, 52, is the newest of at least eight billionaires to emerge from the fashion industry this year, according to the index, including Brunello Cucinelli, 59, whose Solomeo, Italy-based Brunello Cucinelli SpA sold shares in an April 2012 public offering. The company’s shares have more than doubled since the sale.
Ruffini Partecipazioni controls 32 percent of Moncler and Ruffini owns 86 percent of the Partecipazioni, according to a statement from Tamburi Investment Partners SpA, an Italian merchant bank that acquired a stake in the entity in August.
Through Richard Holloway, a managing partner at London-based communications company, Stockwell Group, Ruffini declined to comment on his net worth.
Richard Holloway, a managing partner at London-based Stockwell Group, said Ruffini declined to comment on his net worth.