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Moncler Buys Stone Island Sportswear Brand for $1.4 Billion

  • High-tech clothes brand has made jackets that change color
  • CEO Ruffini says Moncler can help Stone Island expand abroad
Bloomberg business news
WATCH: Moncler CEO Remo Ruffini says the acquisition will help it reach younger generation.Source: Bloomberg
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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%.