CHAIRMAN'S LETTER

Dear Shareholders,

2018 has been a year marked by fundamental changes for Moncler. We took important decisions, some of them definitely courageous, others even ground-breaking. In February, we successfully launched Moncler Genius – One House Different Voices, a creative and communicative project involving all departments in a truly omni-channel perspective. We continued to consolidate our stores’ network by adding high-level locations, such as the New York – Soho flagship store, and to work on the Brand through the innovative Moncler Beyond advertising campaign. In addition, we further strengthened our digital positioning, developing our online business and our presence on the major social media platforms. All this was done with great energy, passion, cohesion and, above all, with the desire to achieve the challenging objectives we set ourselves.
All the people working with me know that I always look ahead and that I do not dwell too much on celebrating success.

All the people working with me know that I always look ahead and that I do not dwell too much on celebrating success. However, I believe that today we should stop a moment to consider what has been done. It has been 15 years since I acquired Moncler, a small brand I believed a lot in. In 2018 Moncler exceeded Euro 1.4 billion in revenues with a 22% growth, EBITDA crossed the Euro-500-million mark with a 35% margin on revenues, net income grew by 33% exceeding Euro 332 million, while net cash rose to Euro 450 million.
I would like to personally thank all of Moncler’s stakeholders for having made this possible: our talented people, our Board of Directors and our shareholders who have always trusted us and followed Moncler on this unique journey, contributed in making a vision, our vision, becoming a reality.
But Moncler still has a long way to go.

We know that the macroeconomic and geopolitical situation is still shrouded in uncertainty, and that it is not easy to continue to achieve outstanding results. Nonetheless, I believe that difficult times are precisely the ones during which you become stronger. We are working on many projects. Moncler Genius still has massive untapped potential. Our network of directly operated stores (DOS), which at the end of December counted 193 units, has important opportunities to be exploited, always in line with our strategy of a controlled expansion. The digital channel remains a primary focus and on the basis of it, we have launched projects of significant value. But above all, we want to continue investing in Moncler, a unique Brand that is able to speak to different consumers around the world, in an always open and inclusive manner. Ultimately, this is Moncler’s great strength which I believe will allow us to continue exploring our world and those surrounding us, to conquer even greater and more challenging heights, looking not only at the importance of always setting new goals, but also on how these goals are attained.

REMO RUFFINI

CHAIRMAN AND CHIEF EXECUTIVE OFFICER