The Italian luxury brand famous for its iconic down jackets announced on Tuesday that it has entered into an agreement with Temasek Holdings to acquire the remaining 30% stake of Stone Island’s parent company.
Luxury puffer jacket maker Moncler is betting heavily on younger consumers and the Chinese market to help sales bounce back from the coronavirus crisis, its boss said, seeing scope for a recovery in late 2021.
Moncler is to acquire Stone Island’s parent company with the outerwear specialist aiming to eventually take over the entire share capital of the business in a deal that values Moncler’s smaller peer at €1.15 billion.
Italian fashion group Moncler reported a first-half operating loss for the first time in its history on Monday as a drop in sales caused by the coronavirus crisis lockdowns accelerated sharply in the second quarter.
Intesa Sanpaolo has provided Moncler with a financing credit line for a maximum of 400 million euros linked to its sustainability objectives. The quilted jacket brand has also renewed its eyewear license with Marcolin.
Carlo Capasa has been confirmed for the fourth consecutive term as the president of the Italian Fashion Chamber (CNMI), as Serge Brunschwig, Alfonso Dolce and Jacopo Venturini joined the new executive committee.
Moncler said on Thursday it had signed an agreement with France's Interparfums to start selling perfumes, as it seeks to diversify its brand and lessen the impact of the coronvirus crisis on the luxury goods sector.
The Italian label led by Remo Ruffini will join in the effort to fund the construction of the 400-bed ICU hospital that the Lombardy regional authority wants to build in record time on the former Milan trade fair site.