// Moncler CEO Remo Ruffini dampened all speculations around a possible takeover by Kering
// Earlier this week, Kering reportedly held talks with Moncler about a potential takeover bid
Moncler chief executive Remo Ruffini has dampened all speculations regarding the retailer’s takeover by luxury group Kering.
Earlier this week, speculations rose around Kering, the parent company of Gucci and Balenciaga, showing an interest in the luxury retailer. Kering held talks with Moncler about a potential takeover bid, Bloomberg reported.
However, Ruffini has said in a statement that although he “maintains contacts and interacts with investors and other sector participants, including the Kering group, in order to explore strategic potential opportunities to further promote the successful development of Moncler, at the moment, there is not any concrete hypothesis under consideration”.
READ MORE: Gucci parent company Kering mulls Moncler takeover
Moncler’s shares surged as much as 12 per cent following the Bloomberg report.
If the deal were to go ahead, it would mean Kering can effectively compete with rival luxury group LVMH, the parent company of Louis Vuitton and Dior which recently acquired Tiffany & Co for a whopping €14.7 billion (£12.6 billion).
Other luxury retailers that fall under the Kering family include Yves Saint Laurent, Bottega Veneta & MontBlanc.
Click here to sign up to Retail Gazette‘s free daily email newsletter
