Moncler Group | Annual Report 2024 Board of Directors’ Report 23 Moncler Group | Annual Report 2024 Board of Directors’ Report 22

Chairman’s letter

Dear Shareholders,

Looking back on 2024, I am proud to say that our Group achieved

remarkable results in a complex and volatile environment.

Both Moncler and Stone Island delivered double-digit growth

in the DTC channel, driving Group revenues over € 3.1 billion

while maintaining a resilient 29.5% EBIT margin and reaching

€ 1.3 billion of net cash. These results underscore the strength

of our business model and our operational discipline.

Throughout the year, we doubled down on what makes

our brands truly distinctive. The events of Moncler Grenoble

in St. Moritz and Moncler Genius in Shanghai — the most

impactful one in the brand’s history — brought our disruptive

creativity to life, redef ining the concept of brand experience.

Meanwhile, Stone Island continued to reinforce its unique

identity through a series of powerful brand initiatives, deepening

connections with both new and loyal communities.

We have also continued to integrate sustainability into our

business model through concrete results recognized by leading

ESG ratings. While we strive to reach ever greater heights,

we are aware that the journey is still long and challenging.

What has always inspired us and will continue to guide

our journey is the pursuit of uniqueness. We live in an age

of immediacy, where capturing attention requires bold, creative,

and distinctive ideas. More than ever, we must remain committed

to our own vision — recognizable, never ordinary, always true to

our history and DNA while consistently contemporary and relevant.

Our true strength lies mostly in our ideas and in the talent

of our people.

As we move into 2025, while the global macroeconomic

context remains uncertain, we are conf ident in our ability

to navigate evolving market dynamics, while staying true to

our heritage, our passion for innovation, and our ambition

to push beyond conventions. Creativity, brand distinctiveness,

and operational excellence will continue to guide us as

we shape the future of our brands to drive sustainable growth

and create longterm value

Thank you

Remo Ruff ini

Chairman and Chief Executive Of f icer