MONCLER BUYS STONE ISLAND IN $1.4 BILLION DEAL
Moncler has reached a deal to acquire fellow Italian outerwear and sportswear brand Stone Island for 1.15 billion Euros ($1.4 billion).
The two Italian brands will remain separate, autonomous entities, although the acquisition will see the brands share information on how to best capture the American and Asian markets, as well as amplifying their DTC (direct-to-consumer) channels for the new luxury customer. It is also expected that Carlo Rivetti, chairman and CEO of Stone Island, following the execution of the transaction, will join the Board of Directors of Moncler.
“I have always worked to build a strong brand where uniqueness and closeness to the consumer have been the cornerstones of a development always beyond trends and conventions,” said Remo Ruffini, chairman and CEO of Moncler. “Sharing the same vision leads us today to joining forces with Stone Island to write our future together. Led by an entrepreneur of high renown, Stone Island is a great success story, a company that has built an exceptionally strong relationship with its community, offering a highly distinctive product, as a result of unique technical skills and absolute clarity in its positioning. It is a story of Italian excellence.”
“We’re coming together at a challenging moment both for Italy and the world, when everything seems uncertain and unpredictable,” continued Ruffini. “But I believe it is precisely in these moments that we need new energy and new inspiration to build our tomorrow. This is a union of two Italian brands with the same values, the same management rigor, the same passion for innovation, the same love for their people, and the same desire for the future. It’s the celebration of the resilience of a country that no crisis can stop.”
“Remo and I have decided to combine forces and visions to meet together and with greater strength than ever the challenges we all face,” added Rivetti. “We share the same roots, similar entrepreneurial journeys, and the utmost respect for the profound values of our brands and our people. And we are Italians. And so, begins a new chapter for Stone Island, the start of a journey that will help our brand to reach its full potential, while maintaining its strong brand identity and continuing to nurture its culture of research and experimentation.”