Dear shareholders,
2013 was a pivotal year, dare I say unique, not only for Moncler, but also for all the people who have built along with me the success of this brand.
It was, in fact, the year that marked the tenth anniversary of the relaunch of the brand and the one in which we have successfully concluded the listing process of the company, but it was also a year where we recorded, once again, a double figure growth in both revenues and earnings.
Revenues, amounting to 580.6 million euros, increased by 19% in 2013 at current exchange rates and by 25% at constant exchange rates, which can be considered a remarkable growth. EBITDA amounted to 192 million euros resulting in a margin of 33%, We have achieved important results in terms of distribution through our network which, as at 31 December 2013, has reached 135 monobrand stores, of which 107 are directly operated (DOS); these stores have generated 57% of Moncler revenues.
At the geographical level, we have successfully continued our expansion strategy in all international markets, which in 2013 accounted for 77% of consolidated revenues. There are still many markets where the brand, although already known, has yet to develop an adequate direct presence, and others where we are entering. Our plans for 2014 are clear and I believe them to be consistent with those we had in the past. Our goal is to continue to grow in a controlled and sustainable network of direct monobrand stores, at the same time focusing on the selective development of the wholesale channel.
Our heritage is our main asset, which we want to preserve and feed through unique communication processes.
Product is my passion and we will continue to create innovative collections without deviating from our roots, since the real luxury today is to have a product of the highest quality that does not "go out of fashion" but survives fashion, and this is what Moncler offers to all its customers worldwide. We want to create special products while maintaining, in everything we do, a specialized approach.
I think that even our flagship stores are unique and innovative and communicate clearly what Moncler is today and what it wants to become in the future.
We are working on many projects which will allow us to achieve a long-term and sustainable growth of the brand. Acting quickly but with no hurry is our motto.
I am confident that Moncler will be able to continue to create value for all its stakeholders in 2014 in a manner consistent with its past and sustainable for the future.
Finally, a special thanks to our shareholders who have always believed in this project; reaching our goal of listing Moncler, and its subsequent inclusion in the FTSEMIB index as one of the 40 largest stocks of the Italian stock market (FTSEMIB), do not in fact represent a point of arrival, but are an important new starting point and a further incentive to continue to develop with consistency and passion the Moncler brand in the world.
THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Remo Ruffini