“Is there a situation that scares us? No, we are aware of the difficulties and of the fact that 2023 will be complex. We feel the effects of inflation and increasing energy prices on consumers”, said Remo Ruffini, CEO of Moncler. In relation to sales, the entrepreneur said: “We are having a great October”. The company closed the first 9 months of 2022 with a 57% increase on 2019. The last quarter is very important for a company such as Moncler, which surpassed the analysts’ forecasts during the July-September 2022 period.
“Happy with Stone Island”
“Beside from the current situation, we must have a 3-5 year vision”, commented Ruffini during the Milano Fashion Global Summit 2022. “We are happy – he added, in regard to Stone Island -. It needs a large transition because it was working with wholesales, while now it’s introducing end consumers as a new party. We acquired many distributors and are moving forward with our strategy”. The entrepreneur excluded additional acquisitions.
Genius “as physical as possible”
Another theme discussed during the interview is tied to the Metaverse. “The physical experience is at the base of our strategy. It’s propaedeutic to the digital one. The goal is to transfer physical emotion to the digital world”, stated Ruffini. According to the CEO of Moncler Group, the Metaverse will be here in 5 to 8 years. In the meanwhile, fashion companies will have to start with their websites, as they “will need to become more immersive and not just catalogues, as they are now”. Ruffini also revealed the return of Genius in February 2023, which will be “as physical as possible”.
Above the analysts’ forecasts
Moncler closed the first 9 months of 2022 with 1.556 billion euro in revenue. This means a 32% increase on 2021 (at current exchange rates) and +57% on 2019 with the same conditions. If we look at the 3rd quarter only, revenue reached 638.3 million euro, up 12% compared to the same period of the previous year. 3rd quarter sales, says Milano Finanza, were a above the forecasts by Equita Sim, set at 616 million. According to Luca Solca, analyst at Bernstein, the Group started benefitting from the shopping of US tourists in Europe and the recovery in China.