Moncler Buys Stone Island for €1.15 Billion

2020 has proven to be a year of unexpected events, not only in daily life but also in the streetwear industry. Less than one month after VF Corporation acquired Supreme for a cool $2.1 billion, Moncler has now unexpectedly bought Stone Island in a historic deal worth €1.15 billion.

According to the Italian newspaper Giornale di Sicilia, 100% of Stoney's shares will be paid for in cash and will be incorporated into Moncler as part of a new shared vision of luxury. " and I have decided to combine forces and visions to meet together and with greater strength than ever the challenges we all face." explains Stone Island's Carlo Rivetti in a press release. "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 continues, "And so, begins a new chapter for Stone Island, the start of a journey that will help our brand to reach its full potential, while maintaining its strong brand identity and continuing to nurture its culture of research and experimentation."

As well as expanding Stone Island into the Americas and Asian markets, Moncler will also be introducing them to the culture of sustainability that has made it an industry leader of the Textile, Apparel & Luxury Goods sector in the Dow Jones Sustainability Indices World and Europe for the second year running. Not much else is known about the partnership at this moment in time, so make sure you keep it locked at The Sole Supplier for more news as it develops! Are you surprised by this? Let us know, and in related news, the Drake x Nike "NOCTA" line has been officially unveiled!