Remo Ruffini's Moncler Acquires Luxury Apparel Brand Stone Island In A $1.4 Billion Deal

Italian sportswear brand Moncler closed in at 2% higher shares after it announced the acquisition of men’s apparel brand Stone Island at a whooping $1.5 billion.

Stone Island has been popularly featured by many Hip-Hop artists like Drake and Travis Scott and is now to offer an entirely renewed concept of luxury for the new generation, as a result of this newfound acquisition by Moncler.

Over the years, the brand has managed to build a very strong client base, offering a diverse range of designs and hugely contributing to the fashion world.

Bringing these two brands together will help create a new perspective towards luxury fashion, steering clear from traditional stereotypes.

Moncler was on the verge of bankruptcy nearly 17 years ago when Ruffini, who was then a fashion entrepreneur and consultant, purchased it from its French owners.

Since then, he managed to completely revolutionize the brand to a great extent, featuring it amongst the most successful companies in 2013.

By the year 2014, Ruffini found himself on the Forbes World’s Billionaires list with a staggering net worth of $1.4 billion.

Stone Island on the other hand was a streetstyle brand founded in 1982 and mainly catered to soccer enthusiasts in Europe before changing paths and venturing in to luxury streetwear.

CEO of Stone Island, Carlo Rivetti is to join Moncler’s board of directors after the acquisitions transaction values are cleared.

Rivetti owns 70% of Stone Island and will receive about $1 billion before taxes and nearly $490 million in cash plus and about 10.7 million shares of Moncler that is worth $485 million.

The other 30% of Stone Island is owned by Temasek Holdings, a Singaporean government firm which will have the option of choosing between 4.6 million Moncler shares worth $45.50 per share or take an all-cash deal.

With this new acquisition Ruffini looks forward to changing the shareholding entity name to Double R, that will stand for the perfect representation of both the family initials.