The news: LVMH invested in luxury outerwear brand Moncler in a deal that would give it a seat on the company’s board, per Bloomberg.

• The agreement would enable LVMH to accumulate a stake of up to 22% in Double R, the investment firm controlled by Moncler chairman, CEO, and largest shareholder, Remo Ruffini.
• But it’s not a prelude to acquisition: LVMH CEO, Bernard Arnault, said in a statement that he will “support the independence of the Moncler Group.”