Dear Shareholders,

In December 2015 Moncler celebrated two years since its listing on the Italian Stock Exchange and it did so, not only having maintained all the promises made to the market at the time, but also achieving them a year in advance of schedule. In these two years of solid growth, we have opened 66 new directly operated stores worldwide, we have consolidated our presence in core markets and have strengthened the brand in less mature markets. We have brought an important market such as Korea under our direct control. We are present in the best multibrand stores across the world and we have opened prestigious sites in strategic locations that are providing us with excellent results. In this regard, we inaugurated an important flagship store last October in the upscale Ginza district of Tokyo, confirming the validity of our retail strategy.

The year 2015 closed with a turnover of 880 million euros, a continuation of double- digit growth (+27% at current exchange rates, +19% at constant exchange rates). All markets have reported significant revenue increases and I am particularly pleased with our development in Asia, our consolidation in Europe and the positive signals we are receiving from Italian consumers after years of challenging conditions in our home country. EBITDA amounted to 300 million euros, with a 29% growth and an EBITDA margin of 34%. Net profit, which stood at 167.9 million euros (+29%), performance and cash generation were also very positive. At the end of December, Moncler’s debt amounted to 49.6 million euros, down 61.6 million euros compared to 31 December 2014.
At the end of December Moncler had 173 retail mono-brand stores and 34 wholesale mono-brand stores. These locations are a unique asset for our Group: we are positioned on the best upscale streets and in the top luxury malls at a global level.

This said, as always, we have no intention of sitting back; indeed, we want to do more and better. I believe that we can work even more on our stores to strengthen our relationships with customers as well as attract new ones. Consumers are at the very heart of the Moncler development strategy: our goal is to continue to impress them with extremely high quality, contemporary and innovative products and excellent, selective and personalised service, with our unique and yet universal language.

We want to continue to improve on our points of excellence. We are working on strengthening Moncler’s presence in more consolidated markets and segments while also continuing selectively to develop the brand. While we are recognised leaders in upscale outerwear, we know that our consumers also seek us out for other products, especially knitwear and footwear. We have launched several projects in this area and I am highly optimistic that they will bring us considerable results.

But at Moncler we believe that how we reach our goals is just as important as actually reaching them. Therefore, I am extremely pleased with the publication of our first Sustainability Report and Sustainability Plan, the first step on a path which will certainly be long, but which already benefits from the focus and attention of our entire company.

Despite this period of economic uncertainty the world is experiencing, I am firmly convinced that the uniqueness of our brand, along with a clear and long-term strategy and a cohesive and passionate management team, will again enable us to pursue our path of growth and continue to create value for our stakeholders in 2016. “Go fast but with no hurry” has always been my motto!

The Chairman and Chief Executive Officer
Remo Ruffini