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Dear Shareholders,

 

2020 was a year for the history books, and in some ways, even more so for the history of Moncler.

 

A virus, all by itself, managed to erode our certainties. It forced us to rethink our priorities and decide who we really are as individuals, and even more so as a community and a business. I often speak of energy because I believe everything is enclosed in that vital nucleus. It’s the energheia of Aristotle, the ability to transform ourselves by acting with determination. I believe this is the essence of an organization and what determines its success. During these months of pandemic, I sometimes feared my people’s energy might run dry. But with their actions and their responsiveness, they always calmed my fears, demonstrating as they so often have the strength and uniqueness, and above all, the energy of this group. 

 

Despite the many months of lockdown in all the major countries we serve, and the dramatic decline in tourists who are always vital to our industry, today we are proud to present what I think are exceptional results, even though our plans were inevitably interrupted. In a year when the luxury goods industry is expected* to have  shrunk by more than 20%, Moncler substantially limited the decline in sales.

In 2020, revenues decreased 11% to 1,440 million euros, with an acceleration in the second part of the year and, in particular, in the fourth quarter, which grew 8%. EBIT was equal to 369 million euros with a margin on sales of 26% while net cash surpassed 850 million euros. We took immediate action to focus on projects essential to the business, with speed and perseverance. I am proud that even in a complicated year like 2020, we managed to start insourcing our online business, which is increasingly important to our future. We inaugurated our flagship Paris store on the Champs-Élysées; at more than 1,000 square meters, it’s the largest store in our network and epitomizes our brand strategy. We confirmed all of our social and environmental commitments by launching the new strategic sustainability plan, Moncler Born to Protect, which will guide us through the next five years with the conviction that we all have to work together for a brighter future.

 

And that’s not all. In December we announced that Stone Island will be joining our family. Stone Island and Moncler are two brands, two companies, two innovators and two similar visions, yet each with its own identity, positioning, and brand uniqueness.

This union strengthens our presence in the growing new luxury segment. It’s a concept far removed from standard conventions: experiential and inclusive, it’s about fostering community spirit and embracing the influence of different worlds like art, culture, music, and sports. 

 

I am also very proud that this union was forged at a difficult time for Italy and the world, confirming the resilience of our country and our people.

 

Once again, I thank my staffers, the directors, our shareholders, and all of Moncler’s stakeholders, who even in this crucial year continued to advise us, support us, and stay the path with us – a path that has grown even more challenging, but also more exciting and rewarding by the day.

 

Thank you.

 

REMO RUFFINI

CHAIRMAN AND CEO

(*) Altagamma Bain November 2020

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