Temasek Acquires 30% Of Italian Style Firm Stone Island
Singapore state investment agency Temasek Holdings is set to amass a 30 per cent fairness curiosity in trend retailer Stone Island. Financial phrases of the transaction were not disclosed.
Stone Island will use the proceeds to finance the worldwide progress of its stone island jersey hoodie men’s sportswear model.
Temasek’s last main investments in the fashion industry were its participation in Farfetch’s $one hundred ten million Sequence F round, and its acquisition of a 26.Eight per cent stake in Italion vogue agency Moncler in collaboration with Juan Carlos Torres, the chairman of the journey retail group Dufry.
Carlo Rivetti, the founder and majority holder of Sportswear Company, the dad or mum of Stone Island, mentioned, “I am truly satisfied for this partnership with one of many world’s most established funding corporations. I notably respect Temasek’s funding strategy to take part in firms with robust growth potential, know-how and identity.”
The transaction stone island jersey hoodie will see Temasek assure the continuity and the autonomy of the Stone Island management crew, which he says “has proven to successfully face and overcome our sector’s challenges.”
Temasek’s portfolio covers a broad spectrum of industries that embody financial companies, telecommunications, media and expertise, as well as transport, agriculture, life sciences and property.
Based in 1974 by Massimo Osti, Stone Island was acquired in 1983 by GFT, Rivetti’s family agency. GFT was among the largest Italian apparel manufacturers and later rebranded because the Sportswear Firm.
Stone Island reported revenues of €109 million ($128.5 million) in 2016, up 26 per cent from 2015.
The investment comes at a time when divestments by the state investor are outpacing its investments. Cheap Stone Island More and more, Temasek is making extra non-public market bets amid stress for greater investment returns that see it making larger bets and including more unlisted stocks to its portfolio. Funding bank CIMB estimates that its portfolio will reach between $197.47 billion-$201.09 billion for the yr ended March 31.
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