Coco Yu, co-founder of CP Concept, a China-focused communications agency with clients including Burberry, MaxMara and Lululemon, believes that Moncler is making the right moves. She identifies “unique, localised and emotional” experiences as key for brands to engage with Chinese consumers, adding that Genius has helped to create a halo around Moncler that “enhances its image locally” and “creates a ‘wow’ factor that attracts luxury spenders”.
Another boon for Ruffini is the minority stake taken this month by LVMH in his Double R holding company, which controls Moncler. Under the terms of the agreement, the French luxury group can raise its 10 per cent stake to 22 per cent. Meanwhile, using LVMH funds, Double R will increase its stake in Moncler to up to 18.5 per cent over the next year and a half.
On why Ruffini welcomed LVMH CEO Bernard Arnault’s interest, there are obvious opportunities, such as the billionaire’s ability to draw talent and secure prime retail locations — although Ruffini insists that they’re nothing more than two amicable entrepreneurs. He points to the Langosteria restaurants, which he owns a stake in, as an example of a “very good experience” with Arnault (the Milan-based eatery expanded to Paris in 2021 in a partnership with the Cheval Blanc hotel owned by LVMH).
Ruffini sees opportunities for Moncler to expand beyond its skiwear origins and into products for adjacent outdoors sports, including hiking and biking. “Things changed a lot after COVID-19, and I think that people want to enjoy life in a different way.” The continued goal, he says, is to tap into micro-communities. “It’s important to have new energy and talent to express the brand. Our game is always to stay tuned into the community, because the world is very fast. China is also super fast, and that’s what I love.”
Kati Chitrakorn © 2024 The Financial Times
This article originally appeared in The Financial Times
