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CHAIRMAN’S LETTER

Dear Shareholders, 2019 was another extraordinary year for Moncler. Although external factors have influenced performance in some important markets, we have become stronger, more structured and increasingly responsive, constantly maintaining the energy, curiosity and genius of a company that still has a very long way to go and many new paths to take.

2018 1,420.1
m€
2019 1,627.7
m€
REVENUES

+15% at current exchange rates
+13% at constant exchange rates

FINANCIAL HIGHLIGHTS

We have seen further growth on all economic and financial indicators. Revenues showed an increase of +15% topping the 1.6 billion euros mark, our operating margin was 475 million euros accounting for 29% of revenues, while net cash reached 663 million euros.

ANNUAL REPORT 2019

In 2019, we launched our first directly managed e-commerce site in Korea. Moncler, for the first time entered the indices Dow Jones Sustainability World & Europe, as Industry Leader in the Textile, Apparel & Luxury Goods sectors. During the year, we reflected on our values and purpose.

SUSTAINABILITY

2019 was an important year that reflected our commitment to integrating sustainability into the way Moncler works.

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