Remo Ruffini, chairman and chief executive of Italian luxury brand Moncler, said recently: "After the epidemic, any vision and strategy must be based on the two pillars of the 'young consumer' and the 'China market'."
The global outbreak has led to store closures and a collapse in demand, exposing the industry's reliance on Chinese consumers, which has put pressure on makers of luxury handbags, clothing and jewelry.
Hopes of a recovery in the industry have been dampened by new restrictions imposed by many western countries in response to the high levels of the disease ahead of the crucial holiday season.Luxury companies are being forced to find new ways to attract customers, including greater use of live social media to sell products.
Remo Ruffini, chairman and chief executive of Italian luxury brand Moncler, said recently: "After the epidemic, any vision and strategy must be based on the pillars of the 'young consumer' and the 'China market'."
Focus on young consumers, and develop the Chinese market
"Not only to the younger generation, but also to focus more on the development of the Chinese market," Ruffini added.The company will focus on young consumers and the China market in the future to help restore sales and is expected to recover in the second half of 2021."
Chinese consumers will account for almost half of global luxury goods sales by 2025, with two-thirds of purchases coming from those under 40, according to a Bain report.
Moncler expects revenue to fall 15 per cent this year, recovering to €1.64bn next year, slightly higher than in 2019.
Moncler, which says it gets 43 percent of its revenue from Asia, plans to open two more stores in China next year and double the share of online sales in three years from 10 percent in 2019.
Moncler recently bought Italian high-end casual clothing brand Stone Island.Through the 1.15 billion euro deal, Moncler will share its knowledge and experience with Stone Island in the future to fully capture the important growth potential, especially in the Americas and Asia markets and direct to consumer (DTC) growth channels.(See Huali History report: Moncler is in!Stone Island, Italy's hottest independent brand, valued at 1.15 billion euros.)
Moncler aims to double Stone Island's sales over the next five years and boost its expansion in Asia.
Remo Ruffini, said Louis Vuitton (Louis Vuitton) hired street clothing brand founded the people in the United States Virgil Abloh served as creative director of men's and Christian Dior (Christian Dior) to be a partner with Nike (Nike) sneakers, these all reflect the luxury goods sector and the overlap between leisure and Fashion, and accelerate the amalgamation of the two outbreaks.
Moncler and Stone Island will work together under the concept of "Beyond Fashion, Beyond luxury" to provide new luxury concepts to a new generation of consumers and consolidate their position in the emerging luxury sector.
"I don't think the first half of next year will change much, but hopefully the second half will improve," Ruffini said.We did very well in the third quarter of this year, but there is not much we can do if stores close again.I hope from next July the company will be back to normal, the new normal rather than the previous one."International travel may take three to five years to recover to pre-epidemic levels, Warns Ruffini.
Moncler will launch the latest installment of its Moncler Genius desiger-co-branded collection in China in 2018 next year, scheduled for September next year.It is the first time the brand has released its designer of the Year joint project outside Europe.(As previously reported by Huali, Moncler will launch a co-branded series of designers for the new season in China in September next year)
Ruffini said a brand could organize an event in China with 150 to 200 million people using social platforms such as douyin, weibo and WeChat.
Shares in the Flagship Paris store rose to an all-time high on the opening day
Days after announcing its purchase of Stone Island, Moncler opened a brand new flagship store on the Champs-Elysees in Paris.Moncler's shares jumped the next day, rising 1.7 per cent to €47.27, the highest level in the company's seven-year history and surpassing the pre-outbreak peak of €42.68 set on January 16.
The new store, near Paris's Arc de Triomphe, is Moncler's largest flagship store in the world.The shop, which opened on Dec. 10, is designed by Gilles&Boissier studio and spans more than 1,000 square meters. It combines physical and digital shopping experiences to showcase Parisian sophistication and mountain majesty.Throughout December, the flagship store will display Moncler's Reflection collection in collaboration with Rimowa and the Moncler 1952 capsule collection designed by Sergio Zambon for exclusive sale here.
The boutique on champs-Elysees will also be used as an exhibition and creative promotion space for the Moncler brand, the upcoming opening event for the first exhibition of Moncler Voices project.The exhibition aims to answer Remo Ruffini's question: "Moncler means everything to me.What does it mean to you?"A group of designers, photographers and close friends of the brand were invited to express their expectations for the brand.In January, the flagship store will host a premiere featuring an exclusive short film commissioned by the brand from French director Ladj Ly and his cinematography group Kourtrajme.
