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Italy's Moncler Adds Stone Island to Collection in $1.4 Bln Deal

A model presents a creation from the Moncler Autumn/Winter 2020 collection during Milan Fashion Week in Milan, Italy February 19, 2020. REUTERS/Alessandro Garofalo/File Photo
A model presents a creation from the Moncler Autumn/Winter 2020 collection during Milan Fashion Week in Milan, Italy February 19, 2020. REUTERS/Alessandro Garofalo/File Photo
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Italy's Moncler Adds Stone Island to Collection in $1.4 Bln Deal

A model presents a creation from the Moncler Autumn/Winter 2020 collection during Milan Fashion Week in Milan, Italy February 19, 2020. REUTERS/Alessandro Garofalo/File Photo
A model presents a creation from the Moncler Autumn/Winter 2020 collection during Milan Fashion Week in Milan, Italy February 19, 2020. REUTERS/Alessandro Garofalo/File Photo

Down jacket maker Moncler is buying smaller Italian high-end streetwear and fashion brand Stone Island in a 1.15 billion euro ($1.4 billion) deal which could signal an intention to consolidate rather than be acquired.

Moncler, which has become a luxury industry darling in recent years after a makeover under Chief Executive Remo Ruffini, has long been regarded by the market as a potential takeover target by large overseas players.

And as high-end brands have come under intense pressure with the crisis triggered by the coronavirus pandemic decimating demand and exposing the sector’s reliance on Chinese tourists, they are being forced to find new ways to gain customers.

“It is the right moment, because at such a difficult time it underscores the resilience of Italy,” Moncler Chief Executive Remo Ruffini told a call with analysts on Monday.

A person close to the deal said it could mark the first step towards the creation of an Italian luxury hub in an industry dominated by French luxury conglomerates LVMH and Kering, which have snapped up a string of family-owned Italian labels in recent years.

Monday’s share-and-cash acquisition of Stone Island, Moncler’s first-ever purchase, was seen by Bernstein analyst Luca Solca as a “Chapter 2” for the puff jacket maker, heralding the possible creation of a multi-brand group.

The Moncler brand was created in 1952 in a village in the mountains near Grenoble, focusing on highland sports clothing. Ruffini bought the then-struggling label in 2003 and transformed its puffer jackets into luxury status symbols.

Moncler, which Ruffini listed in 2013, has a market value of 11 billion euros and last year had sales of 1.6 billion euros, before a big downturn caused by the pandemic.

Stone Island’s high-end streetwear and sporty style is popular with generation Z shoppers who are seen driving future growth in the luxury sector. It is known in Italy and Europe but lacks a presence in the key Chinese market and in the United States.

Chinese consumers are forecast to account for almost half of global luxury goods purchases by 2025.

The label, which has a lower entry point than Moncler, has seen double-digit revenue growth in recent years and expects a 1% rise in sales to almost 240 million euros in 2020 - no small feat in a year when global luxury goods sales are expected to fall by 23% on average.

“It reminds me a lot of what Moncler was 10 years ago, I believe it has great potential to grow,” said Ruffini, who aims to double Stone Island’s sales in 5 years.

Shares in Moncler were up 4% in Milan at 1220 GMT after the announcement of the agreement, which will see Moncler buy just over 50% of outerwear brand Stone Island from owner and CEO Carlo Rivetti and a further 19.9% from other family members.

Moncler will pay half in cash and half in its own shares for Stone Island, giving the Rivetti family 10.7 million new Moncler shares at a set price of 37.51 euros per share.

It then aims to buy the remaining 30% held by Singapore’s state investor Temasek, which owns a small stake in Moncler.

The deal is expected to close by the first half of 2021.

Moncler was advised by Citi and Stone Island by Rothschild.

($1 = 0.8249 euros)

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Fashion

Paris Mourns Valentino, the Last Titan of Couture’s Golden Age

An Italian flag hangs at half-mast outside the Valentino Creative Headquarters, following the death of the fashion designer Valentino Garavani at the age of 93 on Monday, in Rome, Italy, January 20, 2026. (Reuters)
An Italian flag hangs at half-mast outside the Valentino Creative Headquarters, following the death of the fashion designer Valentino Garavani at the age of 93 on Monday, in Rome, Italy, January 20, 2026. (Reuters)
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Paris Mourns Valentino, the Last Titan of Couture’s Golden Age

An Italian flag hangs at half-mast outside the Valentino Creative Headquarters, following the death of the fashion designer Valentino Garavani at the age of 93 on Monday, in Rome, Italy, January 20, 2026. (Reuters)
An Italian flag hangs at half-mast outside the Valentino Creative Headquarters, following the death of the fashion designer Valentino Garavani at the age of 93 on Monday, in Rome, Italy, January 20, 2026. (Reuters)

Valentino Garavani’s death cast a long shadow over the opening day of Paris Fashion Week menswear Tuesday, with front-row guests and industry figures mourning the passing of one of the last towering names of 20th-century couture — an Italian designer whose working life was closely entwined with the Paris runways.

Valentino, 93, died at his Rome residence, the Valentino Garavani and Giancarlo Giammetti Foundation said in a statement announcing his death. While he built his house in Rome, he spent decades presenting collections in France.

He “was one of the last big couturiers who really embodied what was fashion in the 20th century,” said Pierre Groppo, fashion editor-in-chief at Vanity Fair France.

On a day meant to sell the future, many guests said they were thinking about what fashion has lost: the couturier as a living institution.

Groppo pointed to the codes that made Valentino instantly legible — “the dots, the ruffles, the knots” — and to a generation of designers who, he said, “in a way, invented what is celebrity culture.”

Valentino’s vision was built on a simple idea: make women look luminous, then make the moment unforgettable.

He dressed Jacqueline Kennedy Onassis and Elizabeth Taylor, among others, fixed his signature “Valentino red” in the public imagination, and — through his decades-long partnership with Giancarlo Giammetti — helped turn the designer himself into part of the spectacle, as recognizable as the clients in his front row.

The end of a fashion era

Prominent fashion writer Luke Leitch framed the loss in similarly outsized terms, calling Valentino “the last of the fashion ‘leviathans of that generation’,” and saying it was “absolutely” the end of a certain class of designer: figures whose names could carry a global house, and whose authority came not from viral speed but from permanence.

Trained in Paris before founding his maison in Rome, Valentino became a rare bridge figure: Italian by origin, but fluent in the rituals that made Paris couture an institution. His career moved between those two capitals of elegance, bringing Roman grandeur into a system that still treats fashion not only as commerce, but as ceremony.

Even as he aged, the house’s founder kept turning up at its couture and ready-to-wear shows, as observed by one Associated Press journalist — until he eventually retreated from public life, all the while radiating quiet grandeur from his front-row seat.

For some in Paris on Tuesday, the loss felt personal precisely because Valentino’s world was never only Italian.

Groppo recalled the designer as “very much more than a fashion brand,” adding: “It was a lifestyle.”

That lifestyle — couture polish, social glamour, and the conviction that elegance could be a form of power — remains a reference point even as fashion accelerates toward louder branding and faster cycles.

“It’s quite sad as he’s so important to the fashion industry, and he contributed a lot and I cannot forget the stunning red he created,” said Lolo Zhang, a Chinese fashion influencer attending Louis Vuitton ’s show in Paris.

“He always celebrated pure beauty, and architecture for the silhouette, and how he used color. The old era just passed by.”

Other guests described a delayed realization — the kind that arrives only when a figure who seemed permanent is suddenly gone.

YSL, Chanel and Valentino

“There are some people who want to be Yves Saint Laurent, Chanel. ... There are also people who are spontaneously Valentino,” said Guy-Claude Agboton, deputy editor of Ideat magazine. “It’s a question of identity.”

For Paris fashion observer Benedict Epinay, the grief was bound up with memory. And with the emotional charge of Valentino’s final bow.

“It was such a great moment. I was lucky enough to attend the last show he gave,” Epinay said. “It was so moving because we knew at that time it was the last show.”

Fashion observer Arfan Ghani pointed to what Valentino represented to younger designers: a “classy” standard of restraint in an era that often rewards noise.

“Because it was very classical materials," Ghani said. "It wasn’t as loud as a lot of other of these brands are with branding.”

Paris-based sculptor Ranti Bam described Valentino in the language of form: less trend than structure, less look than line.

“As a sculptor I saw Valentino as an artist,” Bam said. “He transcended fashion into sculpture.”

“He didn’t follow trends, he pursued form,” she added. “That’s why his work doesn’t date, it endures.”

The fashion house Valentino has for years continued under a new generation of leadership and design — still showcased in Paris.

Fashion

Pharrell Opens Vuitton’s Monogram Anniversary Year With Cinematic Menswear Show

A model presents a creation from the Fall/Winter 2026/2027 collection by US designer Pharrell Williams for Louis Vuitton during the Paris Fashion Week, in Paris, France, 20 January 2026. (EPA)
A model presents a creation from the Fall/Winter 2026/2027 collection by US designer Pharrell Williams for Louis Vuitton during the Paris Fashion Week, in Paris, France, 20 January 2026. (EPA)
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Pharrell Opens Vuitton’s Monogram Anniversary Year With Cinematic Menswear Show

A model presents a creation from the Fall/Winter 2026/2027 collection by US designer Pharrell Williams for Louis Vuitton during the Paris Fashion Week, in Paris, France, 20 January 2026. (EPA)
A model presents a creation from the Fall/Winter 2026/2027 collection by US designer Pharrell Williams for Louis Vuitton during the Paris Fashion Week, in Paris, France, 20 January 2026. (EPA)

Pharrell Williams opened a celebration year for Louis Vuitton's monogram — marking the house’s 130th anniversary of its most recognizable signature — with a Fall-Winter 2026 men’s show that was equal parts brand pageant and movie set.

Inside the Louis Vuitton Foundation in Paris, the guests encircled the grassy runway. At its center sat a glass-walled, minimalist apartment — part bedroom, part display box — where models kept entering and exiting like characters crossing movie scenes.

It was also a celebrity-heavy room, with a front row mixing music, film and online fame — SZA, Usher, Future, Jackson Wang and others, plus a runway debut to seal the crossover: BamBam of Korean boy band GOT7.

The soundtrack did as much scene-setting as the set. A gospel choir and full orchestra performed live from the balconies, lifting what could have been a straightforward runway lap into something closer to a staged sequence: romantic, controlled, faintly grand.

On the clothes, Williams stayed inside his Vuitton DNA: readable from a distance, richer up close, and always tethered to the idea of travel and the house’s heritage goods.

This season’s lens was 1970s ease spiked with utility. The palette sat firmly in autumn-tonal grays, browns, black, denim, cream — then broke into jolts of bubblegum pink, baby blue and emerald green that kept the mood from turning too polite.

It was Vuitton in full brand mode: monogram year messaging, hero outerwear, high-gloss accessories, and a set built for cameras.

Silhouettes ran long and loose, with baggier trousers that swung into an A-line sweep; suits were often topped with parka coats, a high-low collision that has become one of his signatures.

The details — always his style argument — did the work.

Shirts flashed with glimmering surfaces.

Bows and jabot-style collars delivered the 70s note without going costume.

Utility came through in the hardware language: ties, toggles, belts, zippers; faux-fur collars that read both functional and decorative.

Patent Oxford shoes added a hard, glossy punctuation under the softer shapes.

A monogrammed puffer arrived as the obvious anniversary-era hero item.

Williams also pushed a slightly “undone” finish — wrinkled tops that looked intentionally lived-in rather than sloppy — while widening the fit menu beyond the season’s broader swing toward slimness: skin-tight knits, cleanly fitted suits and oversized tailored shorts.

Then came the Vuitton wink at travel as culture-object: an Art Nouveau travel case in stained glass, rolled through on a trolley — absurd, beautiful, and perfectly on-message for a house that still sells the idea of departure as luxury.

Fashion

Burberry Beats Holiday Sales Expectations, Attracts More Shoppers in China

A Burberry Check styled shirt with the Burberry label is displayed at the Burberry flagship store in Regent Street, London, Britain, September 8, 2025. (Reuters)
A Burberry Check styled shirt with the Burberry label is displayed at the Burberry flagship store in Regent Street, London, Britain, September 8, 2025. (Reuters)
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Burberry Beats Holiday Sales Expectations, Attracts More Shoppers in China

A Burberry Check styled shirt with the Burberry label is displayed at the Burberry flagship store in Regent Street, London, Britain, September 8, 2025. (Reuters)
A Burberry Check styled shirt with the Burberry label is displayed at the Burberry flagship store in Regent Street, London, Britain, September 8, 2025. (Reuters)

Burberry beat expectations for sales growth in the key holiday quarter as its marketing push featuring British celebrities resonated ‌with shoppers ‌and helped attract more Gen ‌Z ⁠consumers ​in China.

Joshua ‌Schulman, who became CEO in July 2024 as sales were sliding, is leading a turnaround focused on trench coats, scarves and the brand's British heritage, while cutting costs after reducing the workforce by 20% last year.

"Our customers responded to our immersive Timeless ⁠British Luxury campaigns and experiences, while the continued strength in our core ‌outerwear category is now extending ‍into accessories and ready-to-wear," ‍Schulman said in a statement on Wednesday.

Comparable store sales rose 3% in the three months to December 27, beating analysts' expectation of 2% growth, according to a company-compiled consensus.

Sales ​in China rose 6% on a comparable basis, as the brand continued its recovery ⁠in the crucial luxury market. Burberry said the performance was supported by "double-digit" growth in Gen Z customers.

The company said its markdown period was shorter and "shallower" than last year, an encouraging sign for investors looking for signs that customers are increasingly willing to buy Burberry products at full price.

Burberry said it expects full-year adjusted operating profit to be in line with the consensus forecast of 149 million pounds ($200 ‌million).