Moncler will acquire Stone Island in a transaction valuing the brand at €1.15 billion ($1.4 billion).
The two Italian brands will 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 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."
Stay tuned for updates on this story, and what changes you can expect from the brands later today.