Moncler is acquiring Italian luxury brand Stone Island.

The deal, announced Monday, sees Moncler purchasing 70 percent of Stone Island’s parent company SPW from CEO Carlo Rivetti and other family members. Bloomberg reported the remaining 30 percent, meanwhile, will be bought from Singapore's Temasek.

The move follows the end of a period of double-digit growth in sales for Moncler and will serve to provide a younger customer base for the company. In a conference call, chairman Remo Ruffini detailed the aim of the acquisition.

"I can see Stone Island growing in essential markets, such as Asia and the Americas, still unexplored by them, which we know well," Ruffini said, per Bloomberg. "It is precisely in these moments that we need new energy and new inspiration to build our tomorrow."

Ruffini and Rivetti also shared extended statements on the deal which were included in a Hypebeast report on Monday.

"Remo and I have decided to combine forces and visions to meet together and with greater strength than ever the challenges we all face," Rivetti said, calling the deal the beginning of "a new chapter" for the Stone Island brand. "We share the same roots, similar entrepreneurial journeys and the utmost respect for the profound values of our brands and our people. And we are Italians."

The deal, according to regional reports, is said to be a cash sale worth €1.15 billion EUR (i.e. approximately $1.4 billion USD).

Back in October, Moncler linked with Rick Owens for the continuation of their collaborative story. And last month, Stone Island recruited Slowthai to front their collaborative Fall/Winter 2020 capsule collection with Supreme.