Moncler Has Acquired Stone Island for AUD 1.88 Billion
Stone Island will maintain its identity and will not be influenced much by Moncler
Italian fashion house, Moncler has acquired luxury sportswear brand Stone Island for a hefty amount of €1.15 billion (about A$1.88 billion). It is a cash-and-share acquisition deal that will ensure that the brands share information regarding how to capture Asian and American markets in the best manner and how to amplify the Direct to Customer (DTC) channels for the new luxury customer.
Even after this deal, Stone Island will maintain its identity and will not be influenced much by Moncler. This is not the first collaboration of Moncler. It has previously collaborated with J.W. Anderson, 1018 ALYX 9SM and Pierpaolo Piccioli.
Talking about the acquisition, the CEO of Stone Island Carlo Rivetti said “Remo and I have decided to combine forces and visions to meet together and with greater strength than ever the challenges we all face. 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.”
Sharing details on what will change for the Stone Island fans, The CEO and Chairman of Moncler, Remo Ruffini said “Nothing will change. It’s only about improving things. I love the company, so this isn’t a distress project. It’s about fine-tuning almost anything like we did with [Moncler] back in the day. And then I think with our organization we can speed up this process. But the DNA, the collection, the communication, and product, don’t have to change much. When I say fine-tuning, what I mean is that we can always do better. We are going to help them to improve everything.”
From November 2019 to October 2020, the revenue of Stone Island hit $291 million (about A$392 million) in revenues despite the coronavirus pandemic that impacted the foot traffic in stores and overall sales of the brand.
The acquisition of Stone Island by Moncler comes just a month after VF Corp, the owner of The North Face and Vans bought Supreme for $2.1 billion (about A$2.83 billion). It was the biggest acquisition of a streetwear brand in history.
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