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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 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 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 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 370 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 Romania that currently employs more than 1,800 people. This hub 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.

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 2023, more than 1,300 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)

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: white 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 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 has been 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 2023, 156 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. 

Starting from 2023, all down suppliers of the Group will are 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 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 2023, the network of mono-brand Moncler boutiques counted 269 directly operated stores (DOS), +18 units compared to 31 December 2022. Some of the most important stores opened and/or converted to DOS in the year include Dallas Highland Park and Moncler Grenoble St. Moritz, in addition to some important relocations/expansions including Zurich Bahnhofstrasse, Shanghai Plaza 66, Miami Bal Harbour, Paris Galeries Lafayette and Wien Kohlmart. The brand operates 57 wholesale shop-in-shops (SiS).

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. At a time when the fashion world still recognized a two-season calendar as its only marketing model, Moncler broke old patterns. Since the launch of Moncler Genius in 2018, the Group has successfully delivered the industry’s most compelling response to an increasingly digital world, where consumer expectations are shaped at the speed of Instagram. It strove towards increasingly ambitious goals, sought out more voices and embraced its boldest side – always with exacting precision. The marketing of Moncler has been revolutionised: monthly collections’ launches by visionary designers are transmitted from the feed straight to consumers with dedicated editorial plans. This approach has demanded absolute coordination between all departments and functions within marketing and in the whole Company.

The future of the brand will take shape through distinctive initiatives aimed at continuing strengthening each brand’s dimension: Moncler Collection, Moncler Grenoble and Moncler Genius. 

In February 2023, Moncler unleashed a new vision for Moncler Genius through an immersive live event, The Art of Genius, that took place at Olympia London during London Fashion Week. Transforming its collaboration model into a platform for co-creation, Moncler challenged the boundaries of possibility at the intersection of Art, Design, Entertainment, Music, Sport, and Culture. A community of 10,000 guests came together to embrace this experience. The Art of Genius saw distinct artistic worlds collide under one roof as the 2023 lineup of creators took over the space, bringing together their unique interpretations of Genius. Moncler’s heritage was reimagined in ways that went beyond fashion, including a futuristic journey into modes of transportation, and a psychedelic take on glamping in the wilderness. Each co-creator brought together their own unique brand of Genius to the potent mix, challenging the boundaries of what’s possible while presenting immersive experiences and performances that represented their creative visions. 

For Moncler Grenoble, 2023 saw the launch of collections across the entire first half of the year (Spring-Summer 2023 in February and Pre-Fall 2023 in June) for the first time ever, presenting essential outdoor layers for all seasons on the mountains.  In December 2023, Moncler opened – in the heart of St. Moritz – its first-ever Moncler Grenoble flagship store entirely dedicated to the world of Moncler Grenoble and at the same time launched the new global campaign “Beyond performance”. The new campaign stars four world-renowned winter athletes – Xuetong Cai, Perrine Laffont, Richard Permin, and Shaun White – and captures the group as they commune with the mountain and each other, cutting from adrenalin-fuelled descents to more intimate, off-duty moments.

In 2023, Moncler launched the first ever Moncler Collection Summer, creating a new space for the brand to serve Moncler customers all year around and celebrating Moncler summer in style by focusing on 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.

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 2023

FY 2022

% vs 2022

EUR 000

%

EUR 000

%

rep FX

cFX

DTC

2,163,920

84.1%

1,772,003

80.5%

+22%

+25%

Wholesale

409,239

15.9%

429,755

19.5%

-5%

-6%

REVENUES

2,573,159

100.0%

2,201,758

100.0%

+17%

+19%

REVENUES BY REGION

MONCLER

FY 2023

FY 2022

% vs 2022

EUR 000

%

EUR 000

%

rep FX

cFX

Asia

1,291,377

50.2%

1,029,327

46.8%

+25%

+30%

EMEA

910,489

35.4%

804,361

36.5%

+13%

+14%

Americas

371,294

14.4%

368,070

16.7%

+1%

-1%

REVENUES

2,573,159

100.0%

2,201,758

100.0%

+17%

+19%

MONO-BRAND STORES NETWORK

MONCLER

31/12/2023

30/09/2023

31/12/2022

Asia

130

129

125

EMEA

95

91

88

Americas

44

42

38

RETAIL

269

262

251

WHOLESALE

57

59

63