Dear Shareholders,

Our 2014 results reflect the dedication and commitment of everyone at Moncler, the strength of our brand and the quality of our development strategy.
The year, once again, saw double-digit growth in terms of both revenues and profits, despite a macroeconomic environment that was undeniably more volatile and uncertain.

Revenues rose by 20% to reach 694 million euros, with significant expansion in all of our international markets which today account for 81% of our consolidated revenues. EBITDA reached 233 million euros, representing 33.5% of revenues, while net income closed at 130 million euros, with a 19% margin on sales. In addition, we generated 60 million euros of net cash during the year.

But it is not only the Group’s financial results that give me reason to be particularly satisfied with the past year and have confidence in the future. I am also proud to be able to report that Moncler’s brand perception has strengthened in all its markets, in those in which we are more established as well as in those that are "younger" for us. Heritage, quality, uniqueness and a high level of consistency are, and will continue to be, the pillars of a strategy that is acknowledged by our customers worldwide. In 2014 we worked to strengthen all of the company’s divisions, ranging from the production process through to marketing and distribution, so that we can continue guaranteeing our customers unmatched quality and uniqueness that are distinctive features of the Moncler brand’s DNA. Whatever we achieve, though, we always want to do better: our commitment, therefore, is to continue to work following our own path always towards ever higher standards.

Our retail monobrand store network (DOS) consisted of 134 stores at 31 December 2014, contributing to 62% of consolidated revenues. I am especially pleased with the investments we have made in the American market, where we have taken the number of retail stores to 14. And not only. We have also made important investments on the Chinese market, in particular in Hong Kong, and more broadly in Asia. In addition I am particularly pleased with the results achieved by the wholesale distribution channel in 2014, which has confirmed itself to be strategic for Moncler.

In 2014 we also signed a letter of intent to establish a joint venture in Korea with our partner Shinsegae, with the majority interest being held by Moncler. The company has been operative since 1 January 2015. I have always believed that it is essential for Moncler to avoid "having filters with the market" and therefore have direct contact with all of our consumers and customers. With the launch of our joint venture in Korea we have now achieved direct control in all the markets in which we operate.

I would finally like to thank all of our shareholders who have believed in Moncler despite a year of significant uncertainties in the financial markets. To all of you I would like to confirm my personal commitment, together with that of everyone in my team, to working towards our long- term growth project. I am confident that Moncler will continue to create value in 2015 for all of its stakeholders in a manner consistent with its past and that is also sustainable for its future.

The Chairman and Chief Executive Officer
Remo Ruffini