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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

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