Moncler has now purchased the remaining 30 percent of Stone Island for $419 million, following the initial deal in December that valued the brand at €1.15 billion ($1.4 billion). The deal is expected to close at the end of March following approval from Moncler’s shareholders.

The two Italian brands will continue to remain separate, autonomous entities, although the acquisition will see the brands share information on how to best capture the American and Asian markets, as well as amplifying their DTC (direct-to-consumer) channels for the new luxury customer.

Both labels have seen incredible growth in the past few years. Notably, the Moncler Genius project (the brainchild of Moncler chairman and CEO Remo Ruffini) has modernized the luxury ski-wear brand by launching collaborations with the likes of 1017 ALYX 9SM, J.W. Anderson, and Pierpaolo Piccioli.

Carlo Rivetti, Chairman and CEO of Stone Island said in a statement, "Remo [Ruffini] 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."

Head here to see what Moncler's CEO and chairman Remo Ruffini expects from the new acquisition.