Report
Cedric Rossi

MONCLER | BUY | EUR39 In-line H1 results; Moncler to fully control its digital business by end 2021

MONCLER | BUY | EUR39
In-line H1 results; Moncler to fully control its digital business by end 2021
Q2 dropped by 52% FX-n despite a DD growth in mainland China
H1 results bear one-off costs of EUR40m related to Covid-19
D+DTC = Digital goes Direct in 2020-21
Underlying
Moncler SpA

Moncler is a jacket and sportswear production group based in Italy. Co. directly produces and distributes its own clothing and accessories collections, through its direct boutiques and exclusive department and multibrand stores. Co. branded products range from the high fashion segment with the Gamme Rouge and Gamme Bleu collections (exclusive products and selected distribution to boutiques) to the Grenoble collection (sporting and technical garments). As of Dec 31 2013, Co. operated a network of 135 stores, including 107 directly operated stores (DOS) and 28 wholesale stores (27 shop-in-shop and 1 franchise store).

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Cedric Rossi

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