RAVARINO, Italy —Singapore’s sovereign wealth fund Temasek is to accumulate a 30 p.c stake in Stone Island for an undisclosed sum.
It is the newest style investment for the corporate, which final 12 months contributed to Farfetch’s $a hundred and ten million Sequence F funding round, and has also invested in Moncler and Dufry. It is understood that the funding will assist the Italian males’s sportswear model increase its attain globally.
Stone Island’s dad or mum firm, Sportswear Firm S.p.A., shared news of the settlement in an announcement on Monday. “I am truly satisfied for this partnership with one of the world’s most established investment firms,” mentioned Carlo Rivetti, Sportswear Company’s founder and majority shareholder. “I particularly recognize Temasek’s investment strategy to take part in firms with sturdy growth potential, know-how and identity.”
Rivetti, who is both president and creative director of Stone Island, also highlighted Temasek’s settlement to ensure the continuity and the autonomy of the Stone Island administration crew, which he says “has proven to efficiently face and overcome our sector’s challenges.”
“With this operation I wanted to both capitalise on the work finished in 35 years and to staff with a companion to face the more and more complicated opportunities proposed by the markets,” Rivetti said. “I’m confident that the brand Stone Island will carry on with elevated success its improvement, having the ability to count on a reliable and attentive accomplice to the specifics of our business and with sturdy international relations. /p>
Stone Island was based in 1982 by Massimo Osti whose now famous jackets were the result of an experiment with the identical coated canvas used for Stone Island military tarps. The corporate was acquired in 1983 by GFT, Rivetti’s family firm, which was certainly one of the biggest apparel manufacturers in Italy and later grew to become Sportswear Firm.
In 2015, Stone Island generated 7 million ($ninety seven million) in international sales revenue, a ten percent increase on 2014. Revenues for 2016 had been reported to be at 09 million, 26 p.c up on the earlier yr.
Stone Island is one in all the primary manufacturers to blur the boundaries between technical wear, streetwear and high-vogue. Its collaborations with Supreme and Nike, as well as stockists like Kith, have helped cement its place at the heart of the streetwear sector.
Editor’s Word: This article was revised on 1st August 2017. An earlier model of this article mentioned that Stone Island was based in 1974. This is wrong; Stone Island was founded in 1982.
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