There’s no denying that 2020 has been a crazy year on virtually every level, and the fashion industry served as no exception. While Supreme’s high profile acquisition by VF Corp (home to The North Face, Timberland and Vans) took headlines earlier this fall, it appears that a new acquisition between two of Italy’s cult-favorite outerwear-meets-lifestyle labels has created another exciting new opportunity for fashion’s future.

Announced today, skiwear-meets-lifestyle brand Moncler acquired fellow Italian label Stone Island in an acquisition that sets the roadman favorite brand at a $1.4 billion valuation.

“We’re coming together at a challenging moment both for Italy and the world,” Moncler chairman and CEO Remo Ruffini explained. The executive emphasized that the two labels were coming together on equal—or at least, very amicable—terms, “thinking about it as a union between two families more than just an acquisition,” according to Business of Fashion.

Lead image courtesy of The Showroom.

Tags: hiroshi-fujiwara, italy, matthew-williams, alyx, craig-green, the-north-face, supreme, vf-corp, remo-ruffini, carlo-rivetti, moncler, stone-island