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In the first phase, Moncler buys about 70% of Sportswear Company, which owns the Stone Island brand, from its principal owner and CEO, Carlo Rivetti (he owns 50%) and his family members (about 20%).
In the future, Moncler hopes to buy the remaining 30% from the Singapore investment fund Temasek. Half of the amount will now be paid in cash and half in Moncler shares. In addition, Mr Rivetti will be on the company's board of directors. The transaction is expected to be completed in the first half of 2021, with both brands retained after the merger.
Moncler was established in 1952. From the outset the company produced travel gear and cotton jackets, and later it started to produce ski clothing and outerwear in general. The company's revenue last year was €1.6 billion.
Stone Island has existed since 1982. It is now a well-known streetwear brand and is popular among football fans, rappers, etc. Stone Island's revenue for fiscal year 2020 was €240 million.
"We are uniting at a difficult time for both Italy and the world, when everything seems uncertain and unpredictable. But I believe that these are the moments when we need new energy and new inspiration to build ours tomorrow," commented Moncler CEO Remo Ruffini on the deal.
source: ft.com
In the future, Moncler hopes to buy the remaining 30% from the Singapore investment fund Temasek. Half of the amount will now be paid in cash and half in Moncler shares. In addition, Mr Rivetti will be on the company's board of directors. The transaction is expected to be completed in the first half of 2021, with both brands retained after the merger.
Moncler was established in 1952. From the outset the company produced travel gear and cotton jackets, and later it started to produce ski clothing and outerwear in general. The company's revenue last year was €1.6 billion.
Stone Island has existed since 1982. It is now a well-known streetwear brand and is popular among football fans, rappers, etc. Stone Island's revenue for fiscal year 2020 was €240 million.
"We are uniting at a difficult time for both Italy and the world, when everything seems uncertain and unpredictable. But I believe that these are the moments when we need new energy and new inspiration to build ours tomorrow," commented Moncler CEO Remo Ruffini on the deal.
source: ft.com
