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”.