French luxury heavyweight LVMH is investing in Moncler in a transaction that gives LVMH a seat on the board of the Italian fashion company, best known for its pricey puffer jackets.

The French luxury conglomerate has acquired a 10 per cent stake in Ruffini’s investment vehicle, Double R, which owns a direct stake in the luxury outerwear brand.

Ruffini will continue “to define and drive Moncler Group’s plans for future development and, as chairman and [chief executive officer], will remain fully committed to Moncler Group’s success,” according to LVMH, which said it would be a “stable long-term minority shareholder of Double R.”