Italian Ravarino home breed luxury men’s apparel brand, Stone Island is getting sold to Moncler in a deal reportedly worth over € 1.15 billion ($1.4 billion). The deal as earlier reported by Bloomberg on Monday, reveals that Moncler had acquired 70 percent of Stone Island from Carlo Rivetti, the CEO of SPW, which is the parent company of Stone Island.
However, the remaining 30 percent is owned by Temasek, a Singapore Investment Company which has over 800 staffs and is worth $306 billion. While moves to acquire the remaining 30 percent is being taken, the chairman and chief executive of Moncler, Remo Ruffini made clear the visions and missions of the company in acquiring Stone Island, via a conference call he had made recently.
“I can see Stone Island growing in essential markets, such as Asia and the Americas, still unexplored by them, which we know well,”he stated
“It is precisely in these moments that we need new energy and new inspiration to build our tomorrow.”he further elaborated, according to Bloomberg.
Remo Ruffini and Carlo Rivetti further elaborated on the company’s aims to the acquisition of Stone Island, in a report published by Hypebeast on Monday.
“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.”He stated further
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