Luxury sportswear brand Stone Island will soon be joining its former rival Moncler SpA thanks to a hefty €1.15 billion (AU$1.88 billion) cash-and-share acquisition deal.
Championing a “beyond fashion, beyond luxury” philosophy which involves creating a meaningful cultural impact while taking sustainability into consideration, the Italian icons will reportedly remain separate and autonomous entities but operate far more collaboratively.
Sharing technical product knowledge, direct-to-consumer channel, capturing the American and Asian markets in a unified effort – commentators have noted this may be viewed as less of a takeover and more of a consolidation.
“It is a story of Italian excellence. Moncler, together with Stone Island, will offer to new generations a new concept of luxury, far from the traditional stereotypes in which young people no longer recognize themselves,” says Remo Ruffini, Chairman & CEO of Moncler SpA.
“This is a union of two Italian brands with the same values, the same management rigour, 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,” says Carlo Rivetti, Chairman & CEO of Stone Island.
“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.”