Longtime Gucci executive Robert Triefus has been named chief executive of Sportswear Company S.p.A., which develops, produces and distributes cult favourite Italian label Stone Island. Stone Island’s parent company Moncler Group announced the move in its first quarter earnings report. Triefus will start in the role on June 1 and report to Sportswear Company S.p.A’s board of directors, which is chaired by creative director Carlo Rivetti.

The move comes at a time of transition for Stone Island. Since Moncler Group completed its €1.15 billion ($1.4 billion) acquisition of the brand in February 2021, it has cut back on Stone Island’s wholesale distribution, opened more stores and diversified its product assortment with an investment in footwear. In May 2022, Moncler said it was targeting 100 Stone Island locations by the end of 2024, up from just 30 at the time of the transaction.

“After a first phase during which the company has taken direct control of its most important markets while developing a strong direct-to-consumer culture, Robert will now be instrumental in driving the strategic development and resonance of the Stone Island brand worldwide, always capitalising on its unique roots,” said Remo Ruffini, Moncler Group’s chairman and chief executive in a statement.

Triefus helped define Gucci’s brand and marketing strategy in various roles since 2008, including during the brand’s revamp under creative director Alessandro Michele beginning in 2015. Last fall, he was named the CEO of Gucci’s vault and metaverse ventures and was tasked with the brand’s web3 and gaming efforts, spearheading its use of NFTs and creation of experiences on gaming platforms like Sandbox and Roblox. Triefus announced his departure from Gucci on April 14.

In the first quarter of 2023, ended March 31, Moncler Group revenues rose 23 percent to €726.4 million from €589.9 million, beating analyst estimates of €689 million. Stone Island saw revenue up 5 percent to €121.6 million with DTC growth of 40 percent, driven by the EMEA region. Moncler brand revenue rose 28 percent, rising 32 percent in Asia over 2022, while in the Americas they increased by 9 percent.