MONCLER ANNUAL REPORT AT 31 DECEMBER 2020BOARD OF DIRECTORS REPORT 98

Dear Shareholders,

2020 was a year for the history books, and a year that will always be remembered at 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 as a company. I like to bring up the concept of energy, the Aristotle s energheia, because I believe it encompasses the essence of vitality, the ability to transform ourselves by acting with determination. I believe this is the essence of an organisation and what determines its success. In these past few months, I sometimes feared my people s energy might run dry. But with their actions and their responsiveness, they always reassured me, demonstrating, as they so often have done, the strength, the uniqueness, and above all, the energy of this Group.

Despite the many months of lockdown in most 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 expected1 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 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 determination. 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 also inaugurated our flagship in Paris 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 must all work together for a brighter future.

And that s not all. In December we announced that Stone Island will be joining the Moncler family. 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. A concept far from traditional stereotypes, it is about experientiality, inclusivity, a sense of belonging to a community and combining diverse meanings and worlds including those of art, culture, music and sport. 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 of our people.

Finally, I thank once again my people, the directors, our shareholders, and all of Moncler s stakeholders, who even in this crucial year continued to advise us, support us, and forge this 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

CHAIRMAN S LETTER

1. Altagamma Bain, November 2020