Moncler SpA agreed to buy Stone Island, a rival maker of high-end sportswear, for 1.15 billion euros ($1.4 billion) in cash and shares, investing in a new platform for growth as the pandemic erodes demand for luxury.
Moncler said Monday it will purchase 70% of Stone Island’s parent company SPW from Chief Executive Officer Carlo Rivetti and other members of his family. The skiwear maker will then buy the remaining 30% from Singapore’s state investor Temasek. Moncler shares rose as much as 6.5%.
