Italy · Fashion business
How Stone Island moved from the Rivetti family to Moncler
Moncler acquired all of Sportswear Company, owner of Stone Island, on 31 March 2021. The transaction followed a 2017 minority investment by Temasek and used a reserved share issue for the outgoing shareholders.
Sources checked
- 1982First collection
Massimo Osti introduced the first Stone Island collection using Tela Stella fabric. Source 1
- 1983GFT buys half
The Rivetti-controlled textile group acquired 50% of the brand. Source 1
- 1993Rivetti family takes control
Carlo and Cristina Rivetti took full control through Sportswear Company. Source 1
- 2008Online shop opens
Stone Island launched its own online platform and introduced the Shadow Project. Source 1
- 2017Temasek buys a minority stake
The Singapore investment company acquired 30% of Sportswear Company from the Rivetti family. Source 1
- December 2020Moncler transaction announced
The parties announced the transaction that would bring Stone Island into Moncler Group. Source 1
Show 4 more dates
- 25 March 2021Shareholders approve reserved increase
Moncler approved an issue of up to 15,330,166 shares at EUR 37.5078 each for existing Sportswear Company shareholders. Source 2
- 31 March 2021Acquisition closes
Moncler completed its acquisition of all Sportswear Company shares. Source 3
- 1 April 2021Consolidation starts
The acquired companies entered the Moncler Group consolidated reporting perimeter. Source 3
- December 2021Brand moves within the group
The partial demerger transferred the Stone Island brand to Moncler S.p.A. Source 3
Open the additional dates to follow the share vote, closing, consolidation and brand transfer separately.
The brand and the operating company had different roles
The label began with Massimo Osti’s 1982 collection. In 1993 the Rivetti family took full control through Sportswear Company. The 2021 transaction concerned the shares of that company, which held the Stone Island brand. Source 1 Source 3
The initial deal addressed a majority stake
Moncler’s governance report describes a framework for acquiring the majority interest and a path for Temasek, holder of the remaining 30% through its vehicle, to participate. The closing report shows that Moncler ultimately acquired the full share capital. Source 4 Source 3
What the EUR 575 million approval represented
The shareholder resolution approved a reserved share issue up to EUR 575 million, including share premium. The issue was reserved for the existing Sportswear Company holders and was one element of the wider acquisition structure. Source 2 Source 3
Closing and consolidation occurred on consecutive days
The acquisition closed on 31 March 2021. Moncler consolidated the acquired companies from 1 April. The group’s full-year 2021 statements therefore included a partial year of Stone Island results. Source 3
The brand transfer came later
The partial demerger was separate from the closing. With effect from December 2021 the Stone Island brand was conferred to Moncler S.p.A. That step moved the brand within the group after control of Sportswear Company had already changed. Source 3