Moncler concludes its first acquisition by investing 1.15 billion euro. “This crisis could be an opportunity. We can’t allow ourselves to sit and do nothing for 2 or 3 years”, said Remo Ruffini during the Voices 2020 summit, which was organized by Business of Fashion. And it did. Stone Island was one of Moncler’s competitors, focused on manufacturing jackets (leather ones as well) and casual luxury. The brand, founded by Carlo RIvetti and Massimo Osti, maintained stable the sales’ volume during the pandemic. And not it has gone to Moncler.
Moncler’s first acquisition
Moncler bought Stone Island for 1.15 billion euro. The acquired business, rival of Moncler, generated a revenue of 240 million euro (+1% on yearly base), during the fiscal year going from November 2019 to October 2020. The brand’s EBITDA for the year was a staggering 28% of revenue (points out Business of Fashion). This is the first acquisition made by Moncler, which may indicate how the brand is changing its strategy for the 1st time since 2003 (when Remo Ruffini took over the brand), as it had chosen to grow organically with one brand only.
Not before 2023
During his speech at Voices 2020, Remo Ruffini said that companies shouldn’t expect demand to return to pre-pandemic levels before 2023, even with China’s push. The latter will host, in September 2021, the main event of the Genius project.
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