Training is a crucial element in the professional

growth of our Client Advisors and in their abili-

ty to reinforce positive client relationships.

While the training programme focuses on un-

derstanding the Brand, its history, products,

style, materials, and production processes and

on interpersonal skills, it also emphasizes the

importance of listening to clients, exploring

their needs, and relating to them including by

way of effective storytelling and a service that

truly meets their expectations.

The proper training of sales personnel is key to

communicating the Brand. In recent years, the

programme has been designed to give Client

Advisors all the information they need to main-

tain a dialogue with clients that is personalized

and consistent in content and way of delivery.

With the Moncler Genius project, for example,

clients are guided to the discovery of individual

collections thanks to new and richer in-store ex-

periences, each designed for a different type of

client. Again in 2020, Moncler Genius e-learn-

ing modules were developed for the launch of

each collection. Since 2019, peer-to-peer and

self-learning courses have also been integrated

into Moncler Genius training. In this area, the

task of Client Advisors is to train colleagues and

boost their skills and basic knowledge.

Meanwhile, in order to ensure a uniform, con-

sistent approach to clients and to the way the

Brand is communicated, 2020 was also an in-

tense year of training for the staff of the main

stores in the wholesale channel, in particular at

mono-brand stores (shop-in-shops). E-learning

modules were held on the history and culture of

Moncler and on product knowledge. This way,

the client s experience is enhanced by the nar-

rative of the company s history and by an effec-

tive presentation of the distinctive features and

qualities of Moncler products. Training was also

supported by new materials distributed during

in-store morning briefings and through new

digital training tools.

In the retail channel, the training programme

for Store Managers continued with a focus on

developing managerial and leadership skills. A

group of Client Advisors was also selected on a

regional basis to guide a peer-to-peer training

programme.

With the global health crisis and consequent

restrictions on movement, 2020 saw some im-

portant collaborations with the Merchandising

department, to keep offering an even more de-

tailed distance training on products with a spe-

cific focus on materials.

Webinars were also produced so that Client

Advisors worldwide to share the new guide-

lines on how to provide a ceremonial selling

experience even during the pandemic, while

respecting distancing measures and ensuring

personal safety.

The weekly Micro-activity programme, launched

in 2019 to improve soft skills, has evolved into

the monthly Pro-Activities project with ed-

ucational and commercial objectives. These

training opportunities are based on continuous

self-learning and knowledge sharing at the in-

ternational level.

2021 will be an important year for the develop-

ment and delivery of online courses through the

use of a variety of innovative digital channels.

TRAINING THE CLIENT ADVISOR AS A STRATEGIC ASSET

nia. These were mainly designed to reinforce and spread a culture of personal health and safety, raise awareness of risks in the workplace while providing information on risk identification and management, and encourage responsible behaviour among all employees. As regards legally required training on Legislative Decree 81/2008 on health and safety in the workplace, during the year 46 users have been activated for executives and senior executives training, 77 for health and safety officer training, and 158 for the update of specific courses. In all, the Company provided approximately 20,000 hours of health and safety training. See also page 194.

In the context of efforts to promote inclusivity and di- versity, during the year e-learning seminars were held in the Americas Region to foster these values and provide the tools for developing an ever more inclusive organization. Initial con- cepts like the way unconscious bias conditions our judgement and behaviour led into topics such as inclusion and belonging and how to prevent sexual harassment in the workplace.

With regards to promoting diversity the cultural awareness programme has continued. The aim of this pro- gramme is to foster respect for cultural differences and to recommend the most appropriate ways of interacting and communicating with colleagues, partners, and other peo- ple from different cultures. After the first session on Chi- nese culture held in late 2019 for corporate employees in Italy, in 2020 digital sessions addressed American, Korean, and Japanese culture to the benefit of the entire Moncler population.

Moncler further strengthened its partnership with the Italian association Valore D, giving some corporate employ- ees in Italy the opportunity to take in-house courses and workshops. These were designed to promote organizational models and develop a culture of cooperation and dialogue among different generations, genders, and cultures, and to facilitate the use of innovative, flexible tools to increase the wellbeing and motivation of the staff involved. During the year, Moncler employees have been engaged in courses fo- cused on the development of the entrepreneurial spirit of young women, being mindful of one s role in the business, striving for effective communication, and developing mana- gerial skills. Some liaison officers of the People & Organiza- tion Department took courses on understanding the levers that help develop talent at Moncler.

The Pattern Making School formed in 2018 at the pro- duction site in Romania aims to enhance professional skills and lead to improvements in various departments, such as pattern making, CAD, development and placement. The school yields clear benefits in terms of earnings and time-to- market, while also improving employee retention and boost- ing job opportunities. In 2020, seven Romanian students who started training in September 2019 continued their pro- grammes, and three of them were hired as pattern makers. The CAD course proceeded with four participants, of whom two were hired for the CAD department in early 2021.

At the retail level, Moncler continued to invest in a num- ber of training programmes for enhancing the professionals skills of the sales personnel. These covered multiple topics, ranging from technical product knowledge (raw materials, production processes for footwear, handbags, and sunglass- es), to sustainability features, to understanding the Brand and its history, and to the development of interpersonal and managerial skills, with a view to promoting a service model

and sales style that make the shopping experience unique and distinctive. See also page 86.

REMUNERATION

Moncler s remuneration system is designed to attract, moti- vate, and retain people with the professional skills required to grow the Company s business. It is based on the principles of fairness, equal opportunities, meritocracy, and competi- tiveness on the market.

As a listed company, Moncler s Remuneration Policy for Group directors and key executives is in line with the recommendations set forth in the Corporate Governance Code issued by Borsa Italiana. The Policy was defined with contribution from the People & Organization Department, the Nomination and Remuneration Committee, the Board of Directors, and the Group s shareholders at the Annual Share- holders Meeting (see the Report on Remuneration, available in the Governance section at www.monclergroup.com).

Remuneration for Company employees takes into con- sideration specific criteria, including market standards, in- ternal fairness, characteristics of roles and responsibilities, and individual expertise, with every effort made to ensure the highest levels of objectivity to prevent any form of bias or discrimination.

For several years now, Moncler has implemented an an- nual salary review process based on two principles: perfor- mance and talent. On the basis of annual assessments and business results, as well as potential shown, managers can propose salary raises for their employees. These raises are then discussed in steering committees. The approved pro- posals take into account individual merit, contribution to the creation of added value for the Company, fairness, and competitiveness in relation to the market.

In every country in which it operates and without distinc- tion by gender, Moncler offers entry-level salaries equal to or above the minimum wage provided for by law or collective bargaining agreements. This was confirmed by an analysis conducted in 2020 on the entire Group workforce, including the production site in Romania.

Since 2019 the Group has a Global Mobility Policy, which sets out the company s commitments in ensuring fair, com- petitive, incentivizing, and consistent financial packages for Expatriates around the world. This policy is a fundamental tool for regulating international mobility, which increasingly underpins personal growth and the Company s success.

The salary structure of 94% of eligible professionals, managers, executives and senior executives includes both fixed and variable components, balanced on the basis of the contribution to the Company s strategic objectives. Vari- able component may take the form of short-term bonuses (Management By Objectives) for store managers and corpo- rate employees, sales commissions for retail personnel at both the team and individual level, or comprise long-term incentives. Corporate employees in Italy, up to the title of manager, are also eligible for bonuses tied to company per- formance indicators.

The Management By Objectives (MBO) system focuses mainly on quantitative targets related to overall Company performance (mainly Group consolidated EBIT), as well as qualitative objectives of strategic and operational impor-

8786 CONSOLIDATED NON FINANCIAL STATEMENT 2020NURTURE GENIUS