Italian luxury fashion brand Moncler has acquired Italian men's apparel brand Stone Island for 1.15 billion euros.
The union which begins a new chapter for both companies who will work together to utilize their individual expertise towards a common goal: a stronger future that benefits people, community, Italy and the planet. While both brands will retain their autonomy and remain separate entities, Moncler will support Stone Island in the development of its international growth in both physical and digital retail while creating opportunities for the people of both companies to share new ideas and exchanges that honor its heritage in Italian excellence around the world.
'We believe in a new concept of luxury, far from the traditional stereotypes. We believe in an open and engaged universe, which thrives on community exchanges, where communication is always interactive and where aspiration goes beyond possession to belonging, today, we are living in a new world that demands new ideas and ways of thinking. The future is not something you chase, it's something you build,' said Remo Ruffini, CEO and Chairman of Moncler.
'We share the same roots, similar entrepreneurial journeys and the utmost respect for the profound values of our brands and our people. This is a partnership that represents a great opportunity for the continued development of both companies,' added Carlo Rivetti, CEO and Chairman of Stone Island.
Following the announcement of the agreement, shares of Moncler were up by 4 percent in Milan. The deal is expected to close by the first half of 2021.
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