Moncler Group | Annual Report 2024 Board of Directors’ Report 128 Moncler Group | Annual Report 2024 Board of Directors’ Report 129
into account the mitigation or, in the case of opportunities,
en
hancement actions already implemented by the Group.
The assessment scales described above, whether qualitative
or quantitative, have been def ined starting with those used
fo
r the assessment of corporate risks according to the Group’s
Enterprise Risk Management system. Opportunities have
been identif ied and assessed in continuity with the priorities
according to which the 2020–2025 Strategic Sustainability
Plan is being developed. In line with what has been done in the
past regarding social and environmental risks, and also
with
the aim of including opportunities and their management,
the
Gro
up plans to integrate the results of the double
materiality analysis into the ERM register. This appro
ach
a
ims to optimise the monitoring and strategic and operational
management of these aspects, ensuring a more integrated
vision that is consistent with business priorities.
The analysis involved both internal and external stakeholders
of the Group. Internal stakeholders include the Group
c
orporate functions of the individual Brands and members of the
Moncler Sustainability Unit, in their capacity as experts
i
n environmental and social topics related to the strategic pillars
of the Sustainability Plan. As for external stakeholders,
investors and sustainability experts were involved through
individual interviews, aimed at gathering opinions and feedback
on the analysis process.
To determine the sustainability matters relevant for reporting
purposes, the results of the assessments of each impact, risk
and opportunity were reported within two separate matrices:
on
e for impacts and the other for risks and opportunities18.
T
his distinction has become necessary to ensure, in the case
of impacts, a greater weight to signif icance than likelihood
of occurrence, as required by ESRS standards (ESRS 1 — General
re
quirements, paragraph 45) for potential negative on human
rights impacts.
The materiality threshold has been def ined, for both impacts and
for risks and opportunities in the mediumhigh and high
relevance areas
The results of the materiality analysis following approval
by the members of the Strategic Committee and after assessment
by the Control Risks and Sustainability Committee were
subsequently presented to the Board of Directors for approval
for reporting purposes.
The analysis carried out led to the def inition of a list
of 29 relevant impacts, risks and opportunities based on the
f inancial or impact materiality perspectives, attributable
to all the Topical Standards provided by the ESRS, except for
“S3 Af fected communities” with respect to which no impacts,
risks or opportunities have emerged, above the materiality
threshold, in relation to the sub-sub-topics identif ied by the
standard, including the economic, social and cultural, civil
and political rights of communities and the rights of indigenous
people. The Group reserves the right to carry out, in the future,
specif ic analyses to re-assess the analysis performed.
In line with the priorities of the 2020–2025 Sustainability Plan,
an entity-specif ic topic (not provided by the sector-agnostic
ESRS) emerged as relevant since the Group considered it as one
of the strategic pillars on which several initiatives have been
implemented for years: support to communities.
The results obtained from the double materiality analysis are
in line with the list of topics reported in the 2023 Consolidated
N
on-Financial Statement. The only changes are related to the
inclusion of a risk related to pollution and the promotion
of the circular economy as a business opportunity.
In order to ensure the alignment of the analysis with regulatory
developments and the business in which it operates, the Group
plans
to regularly update the double materiality analysis.
18
Impacts were identif ied in the matrix
based on their materiality consisting of the
maximum value among the assessments
assigned to the variables of scale scope
and irremediability where applicable
and likelihood equal to the maximum value
on the scale for actual impacts
The coordinates of risks and opportunities
in the matrix meanwhile correspond to
the magnitude of the f inancial reputational
or compliance effect and its likelihood
[IRO–1] Description of the processes to identify and
assess material impacts, risks and opportunities
For the Moncler Group, the materiality analysis has always been
an important tool for identifying the most signif icant
environmental and social priorities for its stakeholders and for
the industry, in line with its strategy and business impacts,
to identify and manage risks and opportunities and to def ine
the contents of the sustainability reporting.
With the entry into force of EU Directive 2022/2464
on the Corporate Sustainability Reporting Directive (CSRD),
the double materiality analysis was introduced, considering
two complementary perspectives: impact materiality, which
concerns the identif ication and assessment of the impacts
t
hat the Group has (or could have) on the environment and people,
and f inancial materiality, which focuses on the theoretical
risks and opportunities arising from environmental, social
or
governance issues that may negatively or positively af fect
the f inancial position, operating result, cash f lows, access to f inance
or cost of capital.
As a result, the Group’s Sustainability Unit, with the support
of a specialised f irm, has revised its materiality analysis process
to align it with the requirements of the new sustainability reporting
standards, the European Sustainability Reporting Standards
(
ESRS), updating the methodology and structuring it into the
following phases, as indicated in the “IG1: Materiality Assessment
Implementation Guidance” issued by the European Financial
Reporting Advisory Group (EFRAG):
•Understanding the context. This phase involved an in-depth
analysis of the Group’s activities, its business relationships,
the context in which it operates and the relevant stakeholders.
The goal was to gather the necessary information to map
the phases of the value chain, identify the actors involved in each
of them, assess the positive, negative, actual and potential
impacts as well as identify risks and opportunities. In addition
to the in-depth analysis of internal documentation,
a benchmarking analysis was conducted to compare the Group
with its industry peers, identifying relevant sustainability
issues and ensuring a comprehensive and best practice-aligned
perspective To deepen the understanding of the external
context the legislative landscape in which the Group operates
and the issues of interest to clients and investors were
then considered as well as the ESG macrothemes described
in articles and scientif ic publications
•Identif ication of impacts, risks and opportunities based on the
list of topics and sub-topics provided by the ESRS16 and
in the light of what emerged from the analysis of the internal
and external context, the list of risks identif ied through
the Group’s integrated risk management model (Enterprise Risk
Management — ERM), the relevant sustainability topics
published in the 2023 Consolidated Non-Financial Statement
and the results of the due diligence processes. In the majority
of cases, the identif ied impacts had corresponding risks
and/or opportunities.
The identif ication of potentially material impacts, risks and
opportunities for the Group was also possible thanks
to the support of public databases that facilitate the
identif ication of sectoral impacts.
In the process of identifying and assessing impacts, risks and
opportunities, the Moncler Group took into consideration
all the geographical areas in which it operates, as well as the
various activities along its value chain. In addition, where
necessary, the specif icities linked to individual countries,
production sites or business relationships were highlighted.
The list of impacts, risks and opportunities identif ied was
subsequently approved by the competent functions during
the assessment phase.
•Assessment and determination of relevant impacts, theoretical
risks and opportunities. Each impact, risk and opportunity
was subsequently assessed by the relevant competent function,
supported by the Sustainability Unit and Risk Management,
taking into account several factors. In particular, for the purposes
of the assessment, an analysis was performed to determine
whether the generation of the impact, risk or opportunity
emerged predominantly in the Group’s own activities
and/or along its value chain (in the case of the value chain,
both upstream and downstream impacts, risks and
opportunities were considered), also taking into account
the short, medium or long-term time horizon17 in which
the impact, risk or opportunity occurs or may occur.
In line with the provisions of ESRS the functions assessed
the impacts taking into account their materiality measured
according to scale scope irremediable character the latter
only for negative impacts and likelihood only for potential
impacts Scale is def ined as the measure of the benef it
deriving from a positive impact or the severity of a negative
impact scope represents the extent of the impact
and irremediable character indicates the extent to which
a negative impact can be remedied The risks and opportunities
were instead assessed considering in addition to the
likelihood the magnitude def ined according to scale and nature
of the related f inancial reputational or compliance ef fects
It is important to stress that the impacts risks and
opportunities have been identif ied and assessed without taking
16
Application Requirement AR 16 ESRS 1
in Appendix B of Annex II of the CSRD
17
Moncler considered the following time
horizons short term within the next
reporting year medium term to 2030
and long term to 2050