Stone Island Is Being Bought by Moncler for $1.39 Billion
It was only in 2018, give or take, that 38-year-old Italian streetwear brand Stone Island broke into international consciousness. From being a cult brand, Stone Island has grown to become a major player in the fashion industry.
Now, Stone Island has been acquired by Moncler for €1.15 billion ($1.39 billion) in cash and shares. Moncler, known for its skiwear, will buy Stone Island in a two-step acquisition deal. 70 percent of the brand will be bought from Stone Island owner and CEO Carlo Rivetti and other members of his family. The remaining 30 percent, held by Singapore state investor Temasek, will complete the second step of the takeover.
"We're coming together at a challenging moment both for Italy and the world, when everything seems uncertain and unpredictable," Moncler chairman and CEO Remo Ruffini said in the statement. "But I believe it is precisely in these moments that we need new energy and new inspiration to build our tomorrow."
According to reports, the deal will close by the first half of 2021. Ruffini says that the two brands would remain independent, and Rivetti would join Moncler's Board of Directors.
"This is a partnership that represents a great opportunity for the continued development of both companies and which will help Stone Island accelerate its international growth thanks to Moncler’s experience in both the physical and digital retail world," Rivetti says.