Italian luxury label Moncler today announced it’s acquiring Stone Island, a menswear label founded in 1982. Moncler will purchases 70 percent of Stone’s Island’s parent company SPW from CEO Carolo Rivetti and family members. It will purchase the remaining 30 percent from Singapore-based company Temasek.
After a deep dip in its stock when shut downs were announced in March, Moncler has had a solid year financially with the company’s stock pricing up nine percent for the year. Moncler’s stock rose about four percent in response to the news.
In a series of three statements posted on both brands’ Instagram account, the brands explained plans for growing Stone Island. The caption read in part, “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 our heritage in Italian excellence around the world.”
While not mentioned in press releases, Stone Island is positioned as a menswear brand so expanding offerings to women is another potential growth opportunity.
While Stone Island in the early ’90s famously became associated with Europe’s more unruly soccer fans, in more recent years it’s benefited from a series of collaborations with Supreme. The two brands have been collaborating regularly since 2014 producing well received capsules which have helped confer Stone Island with a more global profile.
Check out the brands’ combined statement below.