Moncler, the renowned Italian luxury brand famous for its fashionable down jackets, has recently announced its plans to obtain the remaining 30% stake of Sportswear Company S.p.A. (SPW), the parent group of Stone Island. The acquisition will be executed through an agreement with Venezio Investments Pte. Ltd., a subsidiary of Temasek Holdings Private Ltd., for a total cost of 345 million euros.

In December 2020, Moncler initially disclosed that it would acquire a 70% stake in SPW from the Rivetti family, including CEO Carlo Rivetti and other members. By acquiring Temasek’s share, Moncler will now possess full control of SPW and achieve 100% ownership of Stone Island. This purchase values Stone Island at an impressive 1.15 billion euros. The acquisition is set to be completed on March 31, 2021.

Moncler has scheduled an extraordinary shareholder meeting on March 25, where shareholders will vote on a proposed capital increase specifically reserved for Temasek and the Rivetti family. Upon the finalization of the deal, Temasek and the Rivetti shareholders will subscribe to an amount equivalent to 50% of the total consideration. Temasek and the Rivetti family will respectively contribute to share capital increases of 172.5 million euros and 402.5 million euros. The Rivetti shareholders will receive 10.7 million shares, while Temasek will receive 4.6 million shares, making a total of 15.3 million shares. The price per share will be set at 37.51 euros, representing the average share price over the previous three months. These newly issued shares will be subject to a lock-up restriction for 12 months, with 50% of them additionally restricted for an extra six months.

Furthermore, Remo Ruffini, Moncler’s CEO, has reached an agreement with the Rivetti family and Temasek through his holding company, Ruffini Partecipazioni Holding S.r.l. Under this agreement, both the Rivetti shareholders and Temasek will transfer their newly acquired Moncler shares to Ruffini’s holding company, aiming to support the integration of the two brands.

When the acquisition was initially announced in December, Moncler and Stone Island expressed their intentions to develop a fresh luxury vision that would appeal to the younger generation of customers. With Moncler’s backing, Stone Island is expected to strengthen its presence in key markets in Asia and the Americas, as well as enhance its direct-to-consumer capabilities.

Moncler’s acquisition of the remaining stake in Stone Island is a significant milestone for both companies, positioning Moncler as a prominent player in the luxury fashion industry and providing substantial growth opportunities for Stone Island as it gains access to new markets and resources. As the deal progresses, stakeholders eagerly anticipate the integration of these two iconic brands and the realization of their shared vision for the future.

Useful Links:
Moncler Official Website
Stone Island Official Website