In a wild move typical of 2020, Moncler have bought 100% of Stone Island's shares!
Some wild news has dropped today! Moncler have bought out 100% of Stone Island's shares and will begin a new chapter for both brands going forward. The news has been met with mixed reviews, read below to get the full details so far.
“ 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.”
In a cash deal for 100% of the business reportedly worth over €1.1 billion, Moncler S.p.A. has bought out all of the Rivetti family shares in Sportswear Company S.p.A. of Ravarino, Italy. Stone Island and all associated brands will be incorporated into Moncler in a new shared vision of luxury embracing inclusivity and experimentation. This comes after the 30% buyout in 2017 by Singapore Sovereign Wealth Fund Temasek Holdings for an undisclosed amount of money. The Temasek Holdings shares are also part of the deal announced today. The new group's holding company will be renamed “DoubleR” reflecting the initials of the two families involved, Ruffini and Rivetti.
Remo Ruffini and Carlo Rivetti CEO's of Moncler and Stone Island respectively, are trying to strengthen both brands with this meeting of minds and businesses. With the turbulent world of 2020 a lot of luxury brands have been struggling to match sales of previous seasons and this move seems to have brand protection in mind. With both companies hoping to accelerate development while maintaining their separate identities.
Hear what both CEO's had to say below...
"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.
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.
Our headquarter in Ravarino will remain the beating heart of the brand and a center of excellence that will be further enhanced and my team and I will continue, in our current roles, to do what we have been doing with great passion for many years.
This is a partnership that represents a great opportunity for the continued development of both companies and which will help Stone Island accelerate its international growth thanks to Moncler’s experience in both the physical and digital retail world.
This is also an opportunity to share and grow for all the people of Moncler and Stone Island with whose contribution we will continue to write, together, a story of ingenuity, creativity and professionalism to honor Italy in the wider world."
"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.
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 an absolute clarity in its positioning. 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. We believe in an open and engaged universe, which thrives on community, experiences and cultural exchanges, where communication is always interaction and where the aspirational goes beyond possession to become “being part of” and “belonging.”
We’re coming together – continues Remo Ruffini – at a challenging moment both for Italy and the world, when everything seems uncertain and unpredictable. 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."
We can't say this news hasn't come as a shock and it's hard to know exactly what this will mean for Stone island going forward. We will keep you updated as more news comes out about the takeover.