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OVERVIEW

The Moncler brand was born in 1952 in Monestier-de-Clermont, a small village in the mountains near Grenoble, with a focus on sports clothing for the mountain.

In 2003, Remo Ruffini purchased Moncler and started a process of repositioning through which the brand took on an even more distinctive and exclusive style, evolving from a line of products used purely for sport purposes to versatile lines that clients of all gender, age, identity and culture can wear on any occasion and where outerwear, while being the brand’s identifying category, is gradually and naturally integrated with complementary products. Under his leadership, Moncler pursues a philosophy aimed at creating products that are unique, of the highest quality, versatile and constantly evolving while always remaining true to the brand’s DNA guided by the motto “born in the mountains, living in the city”.

Tradition, uniqueness, quality, consistency and energy have always been the distinctive features of the Moncler brand that over the years has been able to evolve while remaining consistent with its DNA, heritage and identity, in a continuous search for an open dialogue with its many consumers in the world.

HISTORY

The origins of the name lie in its very roots: Moncler is in fact the abbreviation of Monestier-de-Clermont, a mountain village near Grenoble. Here, René Ramillon and Andrè Vincent founded in 1952 the Company which gave life to the renowned down jacket, creating garments conceived to protect workers who wore them over their overalls, that offered high resistance and protection against the harshest climates and that were tested in a variety of expeditions.

BUSINESS MODEL

Moncler Group’s integrated and flexible business model is geared towards having direct control of the phases adding the greatest value, putting the pursuit of ever-increasing quality and the satisfaction of consumers at the heart of all its work.

Moncler’s success is based on a unique brand strategy aimed at developing innovative products that are strongly “anchored” to the history of the brand.

The journey, which began in 2003 when Remo Ruffini acquired the company, has always been coherent and pursued without compromise. Heritage, uniqueness, quality, creativity and innovation are the terms used in Moncler to define the concept of “luxury”.

The Moncler collections are divided into three parallel dimensions: Moncler Collections, Moncler Grenoble and Moncler Genius.

The Moncler Men’s, Women’s and Enfant Collections were born from the search for shapes and functionality, innovation of materials and details with constant attention to the elevation of the collection in all its categories, expressing the brand’s DNA to respond to the multiple needs of the global and local customers.

In Moncler Grenoble, the brand’s DNA is even stronger and more defined. Moncler Grenoble has become a technology and style innovation lab, enriched with luxury-mountain lifestyle elements, celebrating the glamorous flair of the Alps, for the sporty consumer with an interest in performance, design and innovation. The Moncler Grenoble Fall Winter collections are split into High Performance, products guaranteeing maximum performance, Performance & Style, for the sporty consumer who also cares about design, and Après-Ski, for the consumer who is looking for style with a sporting edge. Day-namic is the Spring Summer outdoor collection developed in the name of functionality and style. 

Moncler Genius collections express creativity in its highest form by bringing together different interpretations and visions of the brand by talented co-creators, who contribute to reaching new communities and generating new creative energy, while always remaining true to the brand’s uniqueness. 

Transversal to the three brand’s dimensions, the footwear collection – with the launch in September 2022 of the new family of Trailgrip products – takes on an increasingly significant role in the brand’s product offering, being developed taking into consideration not only the brand codes but also different potential usages. The Moncler collections are completed by the offering of bags, backpacks, accessories and eyewear, in addition to the perfumes introduced at the end of 2021.

Moncler’s team of fashion designers is divided by collection and works under the close supervision of Remo Ruffini, who sets design guidelines and oversees their consistent implementation across all collections and product categories. The Moncler Style Department is assisted by the Merchandising and Product Development teams, which help create the collections and “transform” the designers’ creative ideas into final products.

Moncler’s products are designed, manufactured and distributed according to a business model featuring direct control of all phases where the greatest value is added.

Moncler directly manages the creative phase, the purchase of raw materials, as well as the development of prototypes. The two main product categories, outerwear and knitwear, are partly managed internally and partly assigned to third party manufacturers (façon manufacturers) that take care of the “cut-make-trim” phase, while for accessories and shoes Moncler uses third parties manufacturers.

The purchase of raw materials is one of the main areas of the value chain. All raw materials must comply with the highest qualitative standards in the industry, be innovative and able to offer advanced functional and aesthetic features. Moncler only buys the best white goose down from Europe, North America and Asia. While textiles and garment accessories (buttons, zips, etc.) are purchased mainly in Italy and Japan. 

Moncler currently uses more than 360 suppliers of raw materials: the top 50 suppliers account for approximately 80% of the value of suppliers.

The “cut-make-trim” phase is conducted both by third party manufacturers (façon manufacturers) and in the Moncler manufacturing plant in Trebaseleghe (Padua) and in the plant in Romania that currently employs more than 2,000 people. The hub in Romania was established in 2015, then was moved in 2016 to its current location, which has been expanded in 2022 to significantly increase its production capacity. Investments in R&D also continue to automate some stages of outerwear production, reducing processing times.

In 2024, a new production plant was inaugurated in the Veneto region of Italy, dedicated to the production of knitwear – now the second most significant product category in terms of contribution to revenues. With this addition, Moncler aims to progressively increase the share of this business managed internally, further enhancing control over quality and sustainability across the value chain.

The third-party suppliers (façon manufacturers) working for Moncler are mainly located in Eastern European countries, which are currently able to ensure quality standards that are among the highest in the world for the production of down jackets. Moncler oversees these suppliers directly by conducting audits designed to check aspects related to product quality, brand protection and compliance with current laws, Moncler Code of Ethics (updated in 2017) and the Supplier Code of Conduct (approved in 2016). For the production, the brand uses 130 suppliers, split between façon and finished products manufacturers: the first 30 suppliers cover about 80% of the value of supply.

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Throughout its history, down has been at the heart of Moncler outerwear, and has gradually come to be identified with the brand itself.

A combination of lengthy experience and continuous research and development has enabled the Company to gain unique expertise in this area, both in terms of knowledge of down as raw material and in terms of garment manufacturing process.

Moncler ensures that all its suppliers comply with the highest quality standards. Over the years, these standards have been – and indeed remain – a key point of product differentiation: only the best fine white goose down is used in the brand’s garments.

Fine-down content and fill power are the main indicators of down quality. Moncler down contains at least 90% fine-down and boasts a fill power equal to or greater than 710 (cubic inches per 30 grams of down), resulting in a warm, soft, light and uniquely comfortable garment.

Each batch of down is subjected to a two-step checking procedure to assess its compliance with 11 key parameters, set in accordance with the strictest international standards and the stringent quality requirements imposed by the Company. In 2024, more than 1,200 tests were performed.

But for the Company, “quality” is more than this: the origin of its down and the respect for animal welfare are also fundamental for Moncler. When sourcing and purchasing raw materials, Moncler considers these aspects as important as the quality of the material itself. Since 2016, all Moncler down is certified with the DIST internal protocol. (Please refer to dist.moncler.com)

Down is one of the most important raw materials for Moncler. All suppliers are not only required to meet the highest quality standards, but also to act responsibly and with full respect for animal welfare.

To protect animal welfare, Moncler requires and verifies that its down suppliers comply with the strict requirements laid down in the Moncler Technical Protocol called DIST (Down Integrity System & Traceability), available on the page dist.moncler.com, and verifies that they do so. The DIST Protocol, first implemented in 2015, regulates methods of breeding white geese, the traceability, and technical quality of down. Moncler only purchases down that has obtained DIST-certification.

Among the basic requirements that must be respected across the entire supply chain include the following:

•  down must be exclusively sourced from farmed white geese and as a by-product of the food chain;

•  no form of live-plucking or forced feeding is permitted.

The protocol, drafted taking into consideration the peculiarities of the Moncler’s supply chain, is the result of open and constructive dialogue within the scope of a multi-stakeholder forum set up in 2014, which considered the expectations of the various stakeholders to ensure a scientific and holistic approach to the topic of animal welfare and product traceability. The forum, chaired by a professor of Management at the Ca’ Foscari University of Venice with specific knowledge and expertise in sustainability issues, consists of Moncler people, experts from the Department of Veterinary Medicine of the University of Milan, the Polish National Institute of Animal Husbandry Koluda Wielka, Compassion in World Farming (a non-governmental organisation dedicated to the welfare of farm animals), representatives from certification and consulting companies (SGS, Control Union, IDFL and KPMG), and, starting in 2023, following the inclusion in the DIST protocol of specific modules on human rights and environmental compliance, representatives of the International Labour Organization. From the belief that dialogue is a source of improvement, Moncler organized the eleventh multi-stakeholder forum in February 2025. At the forum, the results of the certification process and any future developments were discussed.

The DIST Protocol assesses animal welfare from an innovative perspective. In addition to the traditional approach that focuses on the environment in which the animal lives (in terms of availability of food and water, adequate space for movement, etc.), the Protocol, in line with the European Commission guidelines, also assesses welfare by carefully observing the animal through the so-called Animal-Based Measures (ABMs). ABMs allow a direct assessment of an animal’s condition, by observing how geese respond to the different factors of the environment in which they live (outcome approach). The DIST Protocol features nine ABMs, including among other those designed to identify unusual behaviours or aspects such as plumophagia, dislocated or broken wings, feather irregularities and abnormal beak colour. These situations can be associated with environments in which welfare of geese is compromised by various factors, including high animal density, inadequate diet, lack of pasture or inappropriate animal management.

Another important, innovative indicator introduced in the Protocol is the evaluation of the human-animal interaction through the response to a specific test (the HAR test, Estep and Hetts, 1992).

All down suppliers must strictly comply with the Protocol’s requirements to ensure raw material traceability, animal welfare and the highest quality at every link of the down supply chain.

To verify compliance with the principles set out in the Protocol, Moncler constantly carries out strict field audits throughout its almost entirely vertically integrated down supply chain. The down supply chain includes different types of entities: farms; slaughterhouses where animals are mainly slaughtered for meat production and where down is subsequently collected; and companies responsible for washing, cleaning, sorting and processing the raw material. Façon manufacturers who realise the finished products downstream the down purchasing process also have to be taken into account.

To ensure the utmost impartiality of audits:

•  audits are commissioned and paid directly by Moncler and not by the supplier;

•  the audit and certification process is carried out by a qualified third-party entity, whose auditors are trained by veterinarians and zootechnicians of the Department of Veterinary Medicine at the University of Milan;

•  the certification authority is in turn audited by another accredited external certification body.

In particular, in 2024, 210 third-party onsite audits were carried out, verifying all entities in the supply chain. Where auditors found minor non-compliances, farms were required to take timely corrective action before obtaining certification. No cases of live-plucking of animals or forced-feeding were found during audits at any farm.

To transparently communicate the Company’s commitment in this area, a tag indicating “DIST-certified down” is included in all Moncler’s jackets. This important result was achieved by extending down traceability according to DIST Protocol across the entire supply chain, all the way through to the finished product.

In order to promote constant improvement, Moncler is committed to involving and raising awareness within its supply chain, including through training activities. In this regard, in 2024, training on the traceability procedure continued for façon manufacturers of outerwear and knitwear. In addition, several online training sessions were conducted in 2024 with the auditors of the third-party specialised firm that conducts on-site audits focusing on the requirements present in the new modules on human rights and environmental compliance.

The DIST Protocol is a stringent and innovative document and is intended to remain so. This is why it is constantly evolving and is subject to periodic review through the multi-stakeholder forum. However significant these results may be, Moncler has no intention to stop there. Rather, it is determined to continue to strive to promote increasingly ambitious standards, while welcoming the insights provided by stakeholders.

Stone Island is also committed to ensuring that the down used in its products is obtained in a manner respectful of animal welfare. Since 2019, the Company has only used duck down certified according to the Responsible Down Standard (RDS) protocol. The standard aims to ensure that the down used comes from farms that protect animal welfare throughout the production chain and full traceability of certified materials. In particular, since 2023, all Stone Island products containing down are labeled with the RDS logo and certification information according to the standard guidelines. In addition, since 2023, all suppliers in the RDS-certified down supply chain have been subject to third-party audits to ensure compliance with the Group’s new human rights and environment modules.

Moncler is present in all major markets both through the retail channel, consisting of directly operated stores (DOS) , the online store and the e-concessions, and through the wholesale channel, represented by multi-brand doors, shop-in-shops in luxury department stores, airport locations and online luxury multi-brand retailers (e-tailers).

Moncler’s strategy is aimed at the control of the distribution channel, not only retail but also wholesale and digital, which is operated through a direct organisation.

As of 31 December 2024, the network of Moncler mono-brand boutiques counted 286 directly operated stores (DOS), a net increase of 1 unit compared with 30 September 2024 and of 14 units compared with 31 December 2023. Amongst the most important stores opened in the fourth quarter are New Bond Street in London and Boca Raton in Florida. The Moncler brand also operated 56 wholesale shop-in-shops (SiS), a net decrease of 1 unit compared with 31 December 2023.

Moncler also continues to develop the digital channel. Following the internalization of the .com site completed in 2021 and the subsequent implementation of the new front-end concept of the platform, the evolution continues with constant updates, in order to improve the experience and the customer journey inspired by the world of entertainment, guaranteeing smooth navigation with dedicated contents and services. These also include customization through the new Moncler by Me service launched in 2022. 

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Moncler was born in the mountains. Born to protect, to keep warm. Born to deal with extremes. A dynamic company by nature, Moncler has always been driven by a relentless pursuit of innovation through disruptive creativity.

With a clear purpose to push the boundaries of luxury, extend its reach, and bring it to places never seen before, Moncler embraces the power of endless creativity in everything it does. It strove towards increasingly ambitious goals, sought out more voices and embraced its boldest side – always with exacting precision. Moncler aims at constantly redefining the possibilities of creativity and performance, imposing itself as far more than a luxury brand, as the brand of the extraordinary.

Today, to fully realize its potential, Moncler is defined by three key brand dimensions: Moncler Collection, Moncler Grenoble, and Moncler Genius. Each plays a crucial role in shaping the brand’s future through unique initiatives and a narrative that strengthens its identity. If Moncler Genius is the dimension that embodies the brand’s interpretation of evolving cultural codes and creative collaborations, Moncler Grenoble is an expression of a more technical inclination tailored for the outdoors, while Moncler Collection features a style reminiscent of the most iconic pieces.

Over the course of 2024, Moncler explored new ways to connect with diverse audiences and deepen its influence across fashion, culture, and performance. By integrating its core dimensions into unique projects, the brand highlighted its commitment to innovation, technical excellence, and timeless design.

In October 2024, Moncler introduced a bold new chapter for Moncler Genius with The City of Genius, an extraordinary immersive event closing the Shanghai Fashion Week. Set in a monumental 30,000 square-meter space, The City of Genius served as a metropolis of immersive experiences, where creativity and innovation merged with Shanghai’s distinctive culture addressing the question: how do you live Genius? Following the belief that we are all born Genius, Moncler brought together a dynamic community of creative visionaries from around the world to co-create groundbreaking collections and experiences. The City of Genius showcased 10 unique designer neighbourhoods, each representing powerful creative concepts where luxury, art, design, entertainment, and culture converged. As guests explored this immersive world, they were invited to break free from conventions and experience firsthand the limitless possibilities of imagination, proving that Genius is everywhere, and within everyone. The event marked an unprecedented moment in Moncler’s brand history, with the livestream attracting 57 million viewers across digital platforms, while 8,000 guests attended in person.

For Moncler Grenoble, the dimension closest to the mountain roots of the brand and the most authentic to its DNA, 2024 marked a year of reaching new heights, taking its signature blend of performance and style all year around to a level never seen before. After the launch of the “Beyond Performance” campaign at the end of 2023, in February 2024 Moncler hosted a unique event in St. Moritz, immersing guests in a brand experience set against the natural beauty of the mountains. After a day on the slopes together with world-renowned athletes, the Fall-Winter 2024 Moncler Grenoble collections were showcased in in the heart of the forest. The event was a multi-sensory experience, with sound transmitted through individual headphones, creating an intimate atmosphere that celebrated the seamless fusion of nature, style, and performance.

In 2024, Moncler continued its exploration with the Moncler Collection Spring-Summer, enhancing the brand’s ability to serve its customers all year around. Encompassing elegant city-driven attire, tuned into Moncler’s technical codes, the collection focused on more sophisticated and clean lines, while continuously evolving core items, from puffer to lightweight jackets, all the way into cut & sewn, beachwear and more.

The Group has always been looking for new ways to understand, communicate and engage with its consumer base as well as interact with new and existing communities.

In 2023 Moncler further accelerated its digital transformation by leveraging its new business organisation and finalising the expansion of the e-commerce activities in China with the launch of the Moncler digital flagship on Tmall at the end of 2022 followed by moncler.com openings in Hong-Kong and Singapore in 2023.

In 2024 Moncler opened a new digital flagship in Australia and also expanded its ecommerce footprint in China with the new opening of JD (JingDong), one of the largest ecommerce platform for international luxury brands.

The goal is for every project or initiative – from the design of collections to product development or even event construction, to be digital native and to be designed with digital platforms as the first point of contact with clients to then be expanded across all other channels. This new approach opened the door to a future full of explorations, creativity, experimentations and more importantly, “contamination” between content and channels. 

The new Digital, Engagement and Transformation function was created in July 2020 to support the evolution of Moncler’s strategic vision and create new digital opportunities for the Group. The function defined and implemented the brand’s strategy across all digital channels and spread the digital culture throughout the whole organisation, overseeing the five strategic pillars: D-Commerce, D-Marketing, Consumer Engagement, D-Intelligence and D-Operations. 

D-Commerce aims at defining innovative and unique solutions for handling the online business. The team is in charge of shaping “commerce experiences” blending commerce, branding and services whilst always putting consumer on the forefront. The team mainly manages content creation, buying, and merchandising. 

D-Marketing contributes to further accelerating the expansion of the three brand dimensions by developing an immersive digital universe that – from owned platforms to external touchpoints – aims at growing the consumer reach both by reinforcing the brand identity, but also by increasing client engagement and conversion. Several projects have been developed and launched in 2023 the above goals, including the launch of the first ever immersive showroom for the Moncler x adidas Originals collection, the Snapchat Custom Augmented Reality Lens to push the footwear collection and the launch of the renewed membership program Moncler Peaks.

D-Intelligence through the analysis and management of qualitative and quantitative data gathers insights on the omnichannel clients behaviour to ultimately identify strategic growth opportunities and improve the client experience. 

D-Operations manages the execution of the digital strategy to ensure a seamless customer experience across all touchpoints, through the development, maintenance, and improvement of Moncler’s flagship .com site and mobile apps.

Consumer Engagement is a department in charge of understanding Moncler’s current and potential new clients and engaging through digital initiatives and an elevated loyalty program, which offers exclusive benefits aimed at onboarding new clients and elevating the experience of loyal ones. 

In particular, Moncler is present on the following social media platforms: Instagram, Facebook, X (Twitter), YouTube, LinkedIn, TikTok; in China on WeChat, Weibo, Douyin and RED; in Japan on LINE while in Korea on Kakao Talk account. 

VALUES AND PURPOSE

Moncler is by its nature an ever-evolving brand, pushing towards reinvention and continuous development. Over time, its values have been taking on new meanings while always remaining true to the brand identity.

Moncler has a very strong corporate culture and uniqueness characterised by its ability to unleash the extraordinary that is hidden in each one of us.

It is a uniqueness based on the commitment to set increasingly challenging goals, on the willingness to celebrate everyone’s talent, on the awareness that every action has an impact on our society and our environment, on the capacity to create warmth in every relationship and on the strive for timeless brand distinction.

THE PURPOSE OF MONCLER IS TO UNLEASH THE EXTRAORDINARY IN EVERYBODY.

MONCLER’S FIVE VALUES

We constantly strive for better, as individuals and as a team. Inspired by our continuous pursuit of excellence. We are always learning and committed to set new standards. We are never fully satisfied.

We love to bring all voices in, letting everyone’s talent shine. We celebrate all perspectives, leverage our multiplicity and speak to every generation by letting all voices sing. We play a beautiful harmony.

We strive for timeless brand distinction. We are unconventional and unique. We foster our inner genius and our creative edge. We bring bold dreams, crazy and apparently unreachable ideas to life, always with great rigor. We feed our energy as we believe that everything truly great was often born crazy.

We were born to keep people warm. We are an emotional brand. We bring the warmth of human connections into everything we do, from the things we make, to the relationships we build. We celebrate everyone’s achievements, big and small, with empathy and trust.

We believe in a positive, brighter and better tomorrow. We are agents of real and meaningful change. We rise to and act on the social and environmental challenges the world and its societies are facing.

KEY FINANCIAL HIGHLIGHTS

 

REVENUES BY CHANNEL

MONCLER

FY 2024

FY 2023

% vs 2023

EUR 000

%

EUR 000

%

rep FX

cFX

DTC

2,331,896

86.1%

2,163,920

84.1%

+8%

+11%

Wholesale

375,420

13.9%

409,239

15.9%

-8%

-7%

REVENUES

2,707,315

100.0%

2,573,159

100.0%

+5%

+8%

REVENUES BY REGION

MONCLER

FY 2024

FY 2023

% vs 2023

EUR 000

%

EUR 000

%

rep FX

cFX

Asia

1,378,955

50.9%

1,291,377

50.2%

+7%

+11%

EMEA

949,328

35.1%

910,489

35.4%

+4%

+5%

Americas

379,032

14.0%

371,294

14.4%

+2%

+4%

REVENUES

2,707,315

100.0%

2,573,159

100.0%

+5%

+8%

MONO-BRAND STORES NETWORK

MONCLER

31/12/2024

30/09/2024

31/12/2023

Asia

143

144

132

EMEA

96

95

95

Americas

47

46

45

RETAIL

286

285

272

WHOLESALE

56

56

57