Moncler: The Après Playbook - [Business Breakdowns, EP.218]

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May 30, 2025

Chris Davies, an investment manager at Baillie Gifford, dives into Moncler's captivating journey from mountaineering gear to luxury fashion monument. He discusses how Remo Ruffini transformed the brand with iconic puffer jackets and strategic expansions. The conversation explores market dynamics, including competition with Canada Goose and maintaining quality in craftsmanship. Davies also highlights Moncler's innovative marketing and their recent Stone Island acquisition, shedding light on brand integrity and navigating supply risks in the ever-evolving luxury landscape.

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INSIGHT

Moncler's Iconic Style Fusion

Moncler became a luxury outerwear icon by blending technical performance with distinctive streetwear style.
Their Maya puffer jacket launched in 2009 exemplifies this mix of fashion and functionality.

ANECDOTE

From Mountain Gear to Street Style

Moncler's roots lie in 1950s mountain gear for French mountaineers and ski teams.
It evolved from functional mountain wear to a fashion statement with the 1980s Italian Paninaro youth subculture.

INSIGHT

Moncler's Triple Pillar Strategy

Moncler’s brand relies on three pillars: Collection (core), Grenoble (technical heritage), and Genius (multi-designer collaborations).
The Genius platform uniquely fuels hype by working with numerous designers, creating limited, time-bound collections.

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Today we are breaking down Moncler, the high-end outerwear brand. Known for their down jackets and stylized M logo, it’s a mix of style and substance that blends into the brand history and evolution of Moncler.

I am joined by Chris Davies, investment manager at Baillie Gifford to cover Moncler’s story, particularly in the hands of Remo Ruffini. We get into its push to define luxury outerwear and extend outward into other product categories while keeing that core DNA of fashion and function. This is a particularly interesting episode for anybody interested in the luxury market generally, and Moncler’s push to carve out its own niche. Please enjoy this Breakdown on Moncler.

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Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠).

Show Notes

(00:00:00) Welcome to Business Breakdowns

(00:04:31) Moncler’s Iconic Products

(00:06:47) Historical Evolution of Moncler

(00:11:48) Moncler’s Three Pillars

(00:24:58) The Stone Island Acquisition

(00:32:39) Estimating the Luxury Outerwear Market

(00:33:58) Moncler’s Market Influence and Growth

(00:35:48) Defining Quality in Luxury Brands

(00:36:47) Moncler’s Down Integrity and Customer Experience

(00:41:46) Managing Supply and Demand in Luxury

(00:47:18) Capital Allocation and Growth Opportunities

(00:55:03) Risks and Challenges in the Luxury Market

(00:58:46) Key Lessons from Moncler