The Italian fashion brand Moncler is set to acquire its previous rival Stone Island in a huge €1.15 Billion ‘cash-and-share’ deal.
The merge between the two brands comes as a surprise due to the fierce rivalry that once existed between the two giants in Italian street and luxury fashion. The partnership however comes to push the brands in the American and Asian markets.
BEYOND FASHION BEYOND LUXURY
STONE ISLAND JOINS MONCLER
Moncler and Stone Island announce today that they have reached an agreement as a result of which Stone Island joins Moncler to develop together a new shared vision of luxury.Read more on https://t.co/uM7K1u5fL5 pic.twitter.com/xuSPZYfN99
— Stone Island (@stoneisland) December 7, 2020
Both Stone Island and Moncler will remain autonomous in their operations until the completion of a two-part transition. Moncler will receive 70% of Stone Island from chief executive Carlo Rivetti and his family then the remaining 30% will follow once the Singapore state-backed investor ‘Temasek’ finalizes the purchase.
Adapting to the new state of luxury brands, Chief executive Remo Ruffini stated: “Luxury is changing, and we want to speak to younger people”. Pleased with the new steps taken, Mr. Revetti asserted that Stone Island will now “with greater strength than ever, meet the challenges we all face”.
We look forward to seeing what the next chapter brings.
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