As fashion and the rest of the world go through tough times two sportswear brands have decided to collaborate their forces and finish the year on the right path. On December 7th 2020, Moncler announced the purchase of the Stone Island brand for € 1.16 billion.
“We are uniting at this challenging moment for Italy and the world,” said Remo Ruffini, Chairman and CEO of Moncler. Luxury outerwear maker Moncler is set to acquire Sportswear Company, which owns the premium outdoor brand Stone Island. This is stated in the joint press release of the companies.
The Moncler brand was founded in 1952 by René Ramillon and originally produced sleeping bags, raincoats, and tents with technological cover. The first wadded jackets were designed for workers. Later, Moncler launched a line of outerwear for extreme expeditions, followed by jackets and down jackets with wind and moisture protection for urban style lovers. Today the group’s mono-brand network consists of 218 retail stores and 63 wholesale ones, the company said. In 2019, Moncler had about 4,600 employees and a turnover of € 1.6 billion.
The Stone Island brand was founded in 1982 by Massimo Osti, who experimented with industrial fabrics to increase their durability and make them less sensitive to rain and sun. Stone Island jackets have become popular not only with athletes but also in the world of subcultures, which has made it one of the main streetwear brands in the world. Stone Island is currently owned by the Carlo Rivetti Sportswear Company. The company’s revenue for the period from November 2019 to October 2020 amounted to € 240 million. In 2020, 28% of the company’s revenue came from the Italian domestic market, 52% – in the rest of Europe, and 20% – in the rest of the world.
“This is a union of two Italian brands with the same values, the same rigor in management, and the same passion for innovation,” commented the head of Moncler Remo Ruffini. He noted that the brands themselves will remain independent after the deal. The amount of the transaction was not specified.
What to expect from this collaboration?
The brands will share experience and technology to grow their presence in the American and Asian markets and “develop a new, shared vision for luxury.” In addition, Moncler intends to implement the principles of sustainable development in Stone Island. We can only guess whether we should expect the Stone Island collection in the Moncler Genius project. But that would be a good start to 2021 for sure.
“This partnership is an excellent opportunity for further collaboration between both companies, which will also help Stone Island grow in popularity through Moncler’s expertise in digital and real-world retail,”- Carlo Rivetti.