Stone Island has unexpectedly joined Moncler in a €1.15 billion  move to develop the two brand's shared vision of luxury.

Stone Island’s sales grew 1 percent to 240 million euros in the 12 months ending October 2020, with the deal seeing Moncler buy out 100% of Stone Island’s shares to be incorporated into Moncler in development of a new shared vision of luxury.

Joining forces and fusing their shared experientially, inclusivity and community ethos that mixes the worlds of art, culture, music and sport together, the Italian names will look to strengthen their ability to interpret evolving cultural codes for new generations while continuing to reinforce their position in an emerging segment of luxury.

Remo Ruffini, Chairman and CEO of Moncler S.p.A. and Carlo Rivetti, Chairman and CEO of Stone Island will aim to increase the sales of Moncler and Stone Island while respecting the individuality of both companies' ideals. Both brands will share their vast amounts of knowledge and experience in the sector, with Moncler set to introduce Stone Island to its 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 consecutive year.

Speaking about Stone Island joining Moncler, Remo Ruffini said: "Moncler, together with Stone Island, will offer to new generations a new concept of luxury, far from the traditional stereotypes in which young people no longer recognize themselves. We believe in an open and engaged universe, which thrives on community, experiences and cultural exchanges, where communication is always interaction and where the aspirational goes beyond possession to become “being part of” and “belonging.”"

Carlo Rivetti said: "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.

This is also an opportunity to share and grow for all the people of Moncler and Stone Island with whose contribution we will continue to write, together, a story of ingenuity, creativity and professionalism to honor Italy in the wider world."