Dear Shareholders,


2019 was another extraordinary year for Moncler. 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. During these 12 months, 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. 

2019 was also an important year because we decided to take some time to really think about who we are, what we believe in and where we want to go, reflecting on our corporate values ​​and on our purpose, which is the ultimate reason we exist. By way of this process we began to understand that we have a very strong and distinctive culture. Moncler is unique. We are always looking forward, but we are fully aware that there is no future without a past. We grew achieving dreams that seemed impossible. We have gone beyond the concept of fashion, redefining the concept of luxury and opening up our house to different voices. We have been continuously evolving while always remaining true to ourselves, with the warmth and passion that is part of our DNA. We judge our results by the way we achieve them. We have always had the ability to have fun, seeing ourselves as an eternal start-up and we want to continue working like this, because the very reason Moncler exists is to seek out the extraordinary and discover the hidden genius in every single one of us.

The last 12 months have also been significant in achieving another goal. In 2019, Moncler was included in the Dow Jones Sustainability World and Europe indices, positioning as the Industry Leader in the Textile Apparel & Luxury Goods sector. I am extremely proud of the work done and the commitment of everyone in the Company. Sustainability is a cornerstone of our strategy. We all want to continue to working together to find as yet unexplored solutions to the many challenges that are waiting for us.

Important years, I would even go so far as to say crucial, lie ahead of us. The luxury sector is in a constant state of change and the global geopolitical and macroeconomic scenario is today even more uncertain and challenging. We must continue to strengthen our Brand, engage with consumers in their ever-changing language, understand and interpret new needs, and have the courage to go off the beaten track. All of this requires commitment, skill, flexibility and, above all, vision. 

Moncler Genius has without doubt influenced how we work. It has allowed us to view the world through different eyes, to be able to understand the myriad of possibilities that surrounds us. We must continue on this path, strengthening the core of our business, the outerwear and all the product categories that are becoming increasingly important for our future. We want to empower our digital culture, making it stronger within all divisions. We will further consolidate the Brand’s presence in the world’s most renowned luxury streets and shopping malls. We have important projects coming up in the next few years, starting from 2020 with the opening of our new flagship store in Paris on the Champs-Elysée.

These are just some of the many projects that everyone here at Moncler is working on, projects that I am sure will have significant positive results in the future.

Finally, I would like to thank all our stakeholders for their continuous support, starting with our shareholders who have always been by our side supporting and advising us, and who I hope will continue to walk with us helping to achieve even more challenging goals. I would also like to thank our Board of Directors, a crucial part of every strategic decision we take. But above all, I must thank every one of my 4,600 employees who demonstrate to me every day, in every corner of the world, at all levels, that Moncler is unique. 

Thank you,