An Italian menswear brand sported by Liam Gallagher, Drake, and even Alan Partridge, has found an investor in the form of Singapore's sovereign wealth fund.
Stone Island, owned by Carlo Rivetti's Sportswear Company S.p.A., will sell a 30 per cent stake to the Singaporean state-owned investment fund Temasek.
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The casual brand has a loyal following among male stars, with Liam Gallagher recently outraged by the theft of his favourite Stone Island parkas from his hotel room during Glastonbury Festival.
Coats and jackets sell for upwards of £200, often fetching £600 for premium models. The brand, which is more than 40 years old, was founded by Massimo Osti but is now run and designed by Carlo Rivetti.
C.P. Company, another fashion brand established by Osti, was bought by Hong Kong apparel group Tristate Holdings in 2015.
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Carlo Rivetti said the deal to sell nearly a third of Stone Island to Temasek showed the brand's strong growth potential. "I wanted to both capitalise on the work done in 35 years and to team with a partner to face the increasingly complex opportunities proposed by the markets," he said.
In 2016, revenues for Stone Island were reported to be €109m (£97.33m), representing a 26 per cent increase on the previous year.
The investment marks a further step into the fashion business for Temasek, which has also acquired a stake in Stone Island rival Moncler.
Last year it also joined IDG Capital Partners and Eurazeo in contributing to fashion website Farfetch's $110m investment round.