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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. 

Beginning in 2003, when Remo Ruffini invested in the Group, a process of repositioning of the Brand was initiated through which Moncler products take on an ever 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. It is from this constant research that in 2018 a new project was born, Moncler Genius – One House, Different Voices: a hub for creative minds able to reinterpret the Moncler brand, always consistent with its history and its DNA, adopting a new way of doing business.

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 the Company in 1952, which would go on to produce the renowned down jacket, creating garments conceived to protect workers who wore them over their overalls and that offered high resistance and protection against the harshest climates and that were put to the test in a variety of expeditions.

BUSINESS MODEL

Moncler’s integrated and flexible business model is geared towards having direct control of the phases that add the greatest value, putting the pursuit of ever-increasing quality, the satisfaction of consumers and the adoption of stringent sustainability standards.

COLLECTIONS
PRODUCTION AND LOGISTICS
DOWN
THE DIST PROTOCOL
DISTRIBUTION
MARKETING AND COMMUNICATION
DIGITAL

Moncler’s success is based on a unique and consistent brand strategy, which also depends on the ability to develop innovative products that are strongly “anchored” to the history of the Brand. The journey, which began in 2003 when Remo Ruffini acquired the Group, 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, Moncler Grenoble and Moncler Genius.

The Moncler Men’s, Women’s and Enfant Collections are born from the fusion of research, innovation and luxury expressing the brand’s DNA: they meet the needs of different consumers, multiple uses and lifestyles.

In Moncler Grenoble, the Brand’s DNA is even stronger and more defined. Moncler Grenoble has become a technology and style innovation lab for the sporty consumer with an interest in performance, design and innovation. The Moncler Grenoble 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.

Moncler Genius – One House, Different Voices collections take on a strategic relevance. They bring together different interpretations and visions of the Brand under the same “roof”, generating a new synergetic creative energy, while always remaining true to the Brand’s uniqueness. 

The Moncler collections are rounded off with footwear and leather goods (bags, backpacks and accessories) lines and a sunglasses and eyeglasses line (Moncler Lunettes), besides the perfume for men and women, launched in October 2021.

Moncler’s team of fashion designers is subdivided 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 the final product.

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.

Craftsmanship, experience, technology and technicality are its key pillars.
Moncler directly manages the creative phase, the purchase of raw materials, as well as the development of prototypes, while the “cut-make-trim” phase of the production stage is partly managed internally and partly assigned to third party manufacturers (façon 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 370 suppliers of raw materials: the top 40 suppliers account for circa 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 plants in Trebaseleghe (Padua, Italy) and in Bacau (Romania). The latter employs more than 1,100 people and will be expanded in 2022 with the aim of increasing its production capacity.

Investments in R&D also continue to improve some stages of outerwear production, reducing processing times and waste. These include the 3D Design which transforms stylists’ ideas into photorealistic 3D prototypes, substantially saving production time, reducing the number of prototypes made and further improving the quality of the collections.

The 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 directly supervises these suppliers by conducting audits designed to check aspects regarding product quality, brand protection and compliance with current laws, Moncler Code of Ethics (updated in 2021) and Supplier Code of Conduct (approved in 2016).

For the production, 115 suppliers are used, divided between façon manufacturers and finished products: the first 35 suppliers cover about 80% of the value of supply.

Over the last few years, Moncler has also transformed its logistics, starting a very important automation process that has allowed the central logistics centre in Castel San Giovanni (Piacenza, Italy) to refine the shipping process, which since 2021 also manages the e-commerce, through an innovative automated system of picking: continuously moving carts pick up a product and move it to the shipping area.

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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 a raw material and of the 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 2021, a total of around 1,000 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.

As part of its commitment to ensuring animal welfare and the full traceability of the down, Moncler requires and ensures that all its down suppliers comply with the strict standards of the Down Integrity System & Traceability (DIST) Protocol. Applied since 2015, the DIST Protocol sets out standards for farming and animal welfare, traceability and the technical quality of down. Moncler only purchases down that is DIST-certified.

Key requirements that must be met at all levels of the supply chain include:

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

• no live-plucking or force-feeding of animals is permitted.

Moncler’s down supply chain is particularly vertically integrated, and includes various types of entities: geese farms, slaughterhouses, the companies responsible for washing, cleaning, sorting and processing the raw materials. Moreover, the supply chain includes façon manufacturers, which, using the down, manufacture finished products. All suppliers must comply scrupulously with the Protocol, to ensure the traceability of the raw materials, respect for animal welfare and the highest possible quality throughout the down supply chain: from the farm to the down injection into the garments.

The DIST Protocol, defined taking into consideration the peculiarities of the supply chain structure, was the outcome of open, constructive engagement with a multi-stakeholder forum, established in 2014 that meets annually to review and reinforce the protocol. The forum considered the expectations of all the various stakeholders and ensured a scientific and comprehensive approach to the issue of animal welfare and product traceability.

Starting from 2023, the Protocol will be integrated with three specific modules on human rights, environment, and the DIST down recycling procedure.

The Protocol assesses animal welfare in an innovative way. Alongside a traditional approach that focuses on the farming environment, the DIST, following the European Union guidelines, also evaluates animal welfare through careful observation of “Animal-Based Measures” (ABM ).

Moncler is constantly involved in the on-site auditing process to certify compliance with the DIST Protocol. To ensure maximum audit impartiality:

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

• certification is conducted by a qualified third-party organisation whose auditors are trained by veterinarians and animal husbandry experts from the Department of Veterinary Medicine at the University of Milan;

• the certification body’s work is in turn audited by an accredited external organisation.

The presence of certified down in Moncler garments is guaranteed by the “DIST down certified” label.

In 2021, 136 audits were conducted by third-parties along the entire supply chain.

As another important step towards a more circular economy, Moncler started recycling DIST-certified down through an innovative mechanical process that requires 70% less water compared to traditional down recycling processes.

Stone Island is also committed to ensuring that the down used in its products is obtained with respect for animal welfare. The Company purchases only certified duck down according to the Responsible Down Standard (RDS) protocol. Social and environmental pilot audits on the Stone Island supply chain will start from 2022.  And starting in 2023, all suppliers of the Brand will have to be compliant with the social and environmental requirements verified through audits.

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 (SiS) 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, where it operates through a direct organisation.

As of 31 December 2021, Moncler’s mono-brand distribution network consisted of 64 wholesales stores (shop-in-shops), an increase of one unit compared to 31 December 2020 and of 237 retail directly operated stores (DOS), an increase of 18 units compared to 31 December 2020, including the openings of the second flagship store in Milan, in Galleria Vittorio Emanuele II – a new place for the community where the experience becomes immersive involving all the senses including taste – and Chengdu Swire characterised by a new and young retail concept with spaces contaminated by other worlds such as that of art thanks to the collaboration with the emerging Chinese artist Gan Jian to create an audio-visual work of art exclusively for the store. Moreover, during the year, some of the existing retail stores were relocated in new spaces with a larger surface, including the enlargement of the iconic boutique in Rome in Piazza di Spagna and the relocation of the flagship store in Los Angeles in the prestigious shopping neighbourhood of Beverly Hills.

During the year, Moncler further accelerated on digital transformation and, in line with an increasingly integrated digital vision aimed at personalising the experience and strengthening the relationship with the customer, completed the gradual internalisation project of the e-commerce (.com) started in 2020 in the United States and Canada and ended in 2021 with EMEA in May, Japan in July and China in October. Furthermore, in May the new .com platform with a renewed concept was launched where the experience is at the centre of an ever more tailored customer journey inspired by the world of entertainment, guaranteeing fluid navigation with customised contents and services including product personalisation features.

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“Our purpose inspires us to keep changing, whilst always retaining the essence that makes us unique. It’s our reason to be: to unleash the extraordinary in everybody.” Remo Ruffini, Moncler Chairman and CEO. 

Moncler is a company born in the mountains. Born to protect, to keep warm. Born to face extremes.

A company whose dynamic nature makes it impossible to stand still. So when the fashion world accepted only a two-season calendar as a marketing template, Moncler had to break the mould. Since the launch of Moncler Genius in 2018, the Brand has created the fashion industry’s most compelling answer to a post-internet world where consumer expectation is shaped at the speed of Instagram. It has pushed for higher peaks, brought other voices in, and embraced its brave nature, always with great rigour. 

The world of marketing in Moncler has been revolutionised: monthly collections’ launches by visionary designers are transmitted from the feed straight to the home with dedicated editorial plans. This approach has demanded absolute coordination between all departments and functions within marketing and with the whole Company.

2021 saw a further evolution of the Moncler Genius project, which for the first time connected all over the world through MONDOGENIUS: an immersive digital experience into the culture of the Brand. MONDOGENIUS took global communities of Moncler on a journey through five cities, sharing the creative visions of 11 designers, all under one show. Opening the event was, live from Milan, Moncler’s global partner and 15-time GRAMMY® Award-winning singer, songwriter and producer Alicia Keys, who interacted with singer and actress Victoria Song, who was live herself from Shanghai. The show streamed via a dedicated microsite (https://mondogenius.moncler.com) as well as more than 30 platforms including social media, e-tailers, websites and media outlets, giving all audiences the possibility to access this extraordinary journey that, by uniting communities and generations from all over the world, created a reason to belong to the Moncler universe. MONDOGENIUS achieved exceptional engagement results with 510 million video views and a reach of 4.2 billion.

Moncler Genius has attracted a new community of Generation Z and Millennial customers who aspire to the alliance of innovation and heritage that Moncler uniquely offers.

But in 2021, it wasn’t just MONDOGENIUS. In October the Brand also launched the “We love Winter” campaign. At Moncler, we love winter. In fact, it’s been our lifeblood since 1952. From the French Alps to the world, winter is one of our driving forces. Photographed by the Australian photographer and director Chris Colls and exhibited in capital cities across the world, the Fall/Winter 2021-2022 campaign is a testament to that love embracing multiple voices whilst reuniting family and friends in the Moncler spirit of creativity and collaboration. Amongst them, the American actresses Robin Wright and daughter Dylan Penn, the French music artist Lala&ce and her mother Noëlle, the Japanese designer Mai Ikuzawa and her sons Arto and Milo, the French ‘flextro’ dancer Bats aka Mamadou Bathily, and the models Mao Xiaoxing and Mika Schneider.

The digital channel has become central to Moncler by strongly supporting business results and driving new special initiatives where the client was put at the centre of every decision, in order to best respond to market needs.

The “Digital, Engagement and Transformation” function that manages and coordinates the Moncler Digital Hub – a department aimed at guiding the digital transformation and spreading its culture in the Company – is based on 5 strategic pillars: D-Commerce, D-Marketing, D-Experience, D-Intelligence and D-Strategy & Culture.

D-Commerce is responsible for achieving the online sales targets as well as detecting innovative solutions able to sustain the business growth in parallel with enhanced level of services. Thus, beyond the management of buying and merchandising, it deals with the development of special projects, new platforms and tools. 

D-Marketing is responsible for expressing all the values and colorations of Moncler through tailored premium content to serve all consumer touch points. 

D-Intelligence is responsible for improving performance, identifying growth opportunities through the analysis and management of qualitative and quantitative data in order to maximise knowledge of the omnichannel consumers, intercept the demand of new trends and products to enhance the customer experience with the final objective of optimising investments and therefore maximise revenues. 

D-Experience is responsible for improving the exchanges with consumers, simplify their interactions on all channels and make each of these interactions a unique experience. 

The fifth and final pillar, D-Strategy & Culture, is responsible for developing digital business value and for spreading a digital culture within Moncler.

As for social media networks, Moncler is on Instagram, Facebook, Twitter, LinkedIn, TikTok and YouTube in Europe and Americas; WeChat, Weibo, Douyin, Bili Bili and RED in APAC; LINE in Japan and Kakao Talk in Korea. 

In 2021, Moncler launched a new full omnichannel e-commerce platform, which in addition to being technologically advanced, also presents an innovative approach to the customer.

VALUES AND PURPOSE

Moncler is by its nature an ever-evolving company, pushing towards reinvention and continuous development. Over time, its values have been taken 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 setting increasingly challenging goals, on the willingness to celebrate everyone’s talent, on the awareness that every action has an impact on society and environment, on the capacity to create warmth in every relationship and the strive for timeless brand distinction. 

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

MONCLER’S FIVE VALUES

PUSH FOR HIGHER PEAKS
ONE HOUSE, ALL VOICES
EMBRACE CRAZY
BE WARM
CREATE AND PROTECT TOMORROW

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 setting new standards. We are never done. 

We love to bring all voices in, letting everyone’s talents 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 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 communities are facing.

KEY FINANCIAL HIGHLIGHTS

 

REVENUES BY CHANNEL

Fiscal Year 2021 Fiscal Year 2020 % vs 2020 % vs 2019
(Euro/000) % (Euro/000) % rep FX cFX cFX
DTC 1,429,219 78.3% 1,089,496 75.6% +31% +33% +16%
Wholesale 394,947 21.7% 350,913 24.4% +13% +15% +8%
Ricavi Revenues 1,824,166 100.0% 1,440,409 100.0% +27% +28% +14%

REVENUES BY REGION

Fiscal Year 2021 Fiscal Year 2020 % vs 2020 % vs 2019
(Euro/000) % (Euro/000) % rep FX cFX cFX
Asia 894,817 49.1% 717,860 49.8% +25% +26% +27%
EMEA 624,469 34.2% 501,883 34.9% +24% +25% -3%
Americas 304,881 16.7% 220,666 15.3% +38% +43% +20%
REVENUES 1,824,166 100% 1,440,409 100% +27% +28% +14%

MONO-BRAND STORES NETWORK

31/12/2022 30/09/2021 31/12/2020
Asia 117 115 104
EMEA 84 82 80
Americas 36 36 35
RETAIL 237 233 219
WHOLESALE 64 64 63