The owners of upmarket fashion retailer Stone Island are set to offload nearly a third of the company to a Singaporean investment company.

Shareholders at Sportswear Company have agreed to sell 30 per cent of the retailer to Temasek, an investment company which covers a wide range of industries alongside retail.

The majority shareholder in the fashion brand Carlo Rivetti has praised the deal, hoping it will extend the brand‘s potential in a turbulent market.

“I particularly appreciate Temasek‘s investment strategy to participate in companies with strong growth potential, know-how and identity,” he said.

“Furthermore, they guarantee the continuity and the autonomy of the company‘s management team which, in our case, has proven to successfully face and overcome our sector‘s challenges.

“With this operation I wanted to both capitalise the work done in 35 years and to team up with a partner to face the increasingly complex opportunities proposed by the markets”.

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