Moncler to Acquire Stone Island

Moncler S.p.A. and Sportswear Company S.p.A., owner of the Stone Island brand, revealed on Monday morning that they have reached an agreement to merge.

Stone Island will join Moncler “to develop together a new shared vision of luxury.”

The acquisition points to a new path for Moncler, not long ago considered a target rather than a buyer.

“I have always worked to build a strong brand where uniqueness and closeness to the consumer have been the cornerstones of a development always beyond trends and conventions,” Remo Ruffini, chairman and chief executive officer of Moncler, said in a statement. “Sharing the same vision leads us today to joining forces with Stone Island to write our future together. Led by an entrepreneur of high renown, Stone Island is a great success story, a company that has built an exceptionally strong relationship with its community, offering a highly distinctive product, as a result of unique technical skills and an absolute clarity in its positioning. It is a story of Italian excellence.”

Carlo Rivetti, chairman and ceo of Stone Island, said the company’s headquarter in Ravarino “will remain the beating heart of the brand and a center of excellence that will be further enhanced and my team and I will continue, in our current roles, to do what we have been doing with great passion for many years. This is a partnership that represents a great opportunity for the continued development of both companies and which will help Stone Island accelerate its international growth thanks to Moncler’s experience in both the physical and digital retail world.”

The agreement was signed between Moncler and Rivetex S.r.l., a company referable to Carlo Rivetti, owner of a stake equal to 50.1 percent of Sportswear Company’s capital and other shareholders of SPW, referable to the Rivetti family, owners of a stake equal to 19.9 percent of SPW’s capital.

The agreement values Stone Island at 1.15 billion, corresponding to a multiple of 16.6 times 2020 EBITDA and a multiple of 13.5 times the estimated 2021 EBITDA.

The consideration for the purchase of the shares will be paid in cash by Moncler.

It is also expected that Rivetti, following the closing of the transaction, will join the board of Moncler.

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