(Bloomberg) -- Moncler SpA’s top shareholders said Saturday that the family known for the Stone Island sportswear brand is withdrawing in a “cooperative” manner from the investment vehicle atop the maker of luxury puffy jackets.

The Rivetti family will convert its indirect stake in Moncler into direct shares of the company, and enter into a three-year “consultation agreement” with Moncler Chairman and Chief Executive Officer Remo Ruffini, the two parties said in a joint statement.

In December 2020, Moncler agreed to buy Stone Island for €1.15 billion ($1.2 billion) in cash and shares from Carlo Rivetti, members of his family, and Singapore’s state investor Temasek.

The Rivetti family, Ruffini and Temasek then pooled their shares in a sub-holding company controlled by the Moncler CEO that today is Moncler’s biggest shareholder with a 23.72% stake. That is the entity from which the Rivetti family is now exiting.

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