MONRF,MONRY - Earnings call transcript Q2 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good evening. This is the Chorus Call conference operator. Welcome and thank you for joining the Moncler Group First Half 2021 Financial Results Conference Call.

As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. time, Ms. like this conference turn At to over Instructions] I to would the [Operator Durante. Paola go Please Madam. ahead

Paola Durante

financial Group you Thank and half Moncler our good you XXXX first Thank for evening joining today call results. everybody. on

Chief Before Santel, leaving our CEO, speakers and to Ruffini and Corporate Remo Chief on you Market floor Moncler today's me and introduce Eggs, other Global Chairman Business Moncler briefly Group and Officer. let the usual as the Group to two Luciano call; Officer; Supply Roberto Strategy

In also Island Andrea of we Brand Fisanotti, have addition Director Carlo today and Rivetti Chairman Moncler with Stone Tieghi, Officer; Gino Senior Worldwide. us Moncler Group and CEO; Retail Chief

factors statements I nature to Moncler's are forward-looking financial the usual, or cause these ability are reported risks future that information. that differ subject many results results implied starting to their Moncler nor As to and of other certain and forward-looking expectations remind statements the estimate. events. materially on which are those of need or based before By expressed that statements to statements are historical neither this by in presentation, about could you projections beyond even Any current from contain presentation control other uncertainties may

results. a Let results as this call taken a me of can finally, nature effects participate been listen-only in also interim just therefore, highlight year mode. invited I press cannot be has proxy or that our be trends seasonal business, And given in highlighted the to full and influenced that by for

Ruffini. our Chairman to CEO, now Remo hand Mr. me over Let and

Remo Ruffini

conference Tonight short I try attending later a and Moncler is everyone thank be you than evening you. usual Group first focused. to for half call. Good so and will bit Thank

Moncler of results you that first is this have Stone the all, said include I time I Moncler might excited Group. am Island. because noticed First

six successfully in on the particular many to months. feed happy Island international working are in a and e-commerce say that busy to have very still have May, that the the In I Japan. family. absolutely pillars channels internalized wrong. I'm was I'm Moncler, at people that we disappoint to the done very go we EMEA. other extremely Meanwhile, of bit challenging me. things projects table. in internalized many once scared environment. And we in group could set we Now, the July, DCT the again this something have in did the Last a the with Stone We a I But not development, results on in also markets. continue we not but family proud and least, reported future started my

should group revenues showing by comment to standalone which you rose In own in understand a X acceleration further in to Class the better than well trend. revenues better I by compared our QX help underlying compared margin, Moncler with started the million first XX% rose me XXXX semester, with QX. a with XX% improved reached which €XX X%. EBIT expectation. very July trend Let believe

are to the I addition future. the we look deal importantly, the even but very a position have cash the situation Unfortunately, and have with, net to sanitary of coexist now this ready. into dividend. after Stone In remain continue And the we solid reality is uncertainties. a payment we Island believe

have brands. two We

who Brand people project, to happen. more Moncler ask product, I and make flexibility, introduce We his joined people, the talk Chief to And Officer even Gino new the himself. call this ideas, have the the Fisanotti, it about

the of even sure the we'll deeper luxury the organization. a industries. unique connect the this to roles, with through while traditional to approach experience with office even you Moncler obsession engaging allow will beyond we an with for opportunity to Gino, my the As strong have and always has make and becoming high, us created in know will a own together bring the stronger. brand and been extraordinary building brand go with I'm Moncler consumer-centric new a Working product consumer in exploring newly The our obsession. influencing

Thank Moncler think and why Gino This to for Thank the and ready you. future I we floor key driving as will I ready Please. with you set in believe create become engagement business Luciano phase of leave growth. next that and redefine a new Moncler's Roberto Gino. is to is luxury brand phase. and I

Gino Fisanotti

everyone. Okay. to nice words, Mr. you the Thank you, Ruffini, and very much and for hello thank

before I that to of this start it clearly happy growth. organization excited I I importantly, part much more this And the reason brand brand. the be have Moncler to clear quarter to family was hello very and just a importantly saying take the my I'm of can very company, ahead. I that opportunities that the few to is you. first see, I'm for this call to the results phase jump as main have opportunity is here. Group. team done this say more So the I with I all how really have to into feel knowing of XX everyone and share but in this It's next say the to I the prepping with incredible wanted after potential have this we join extremely of have And call with say is why to this to But decided words learned definitely days about

more note, And many consumer all of to I next to experience the to importantly from States my in emerging to to around can have markets For best the to hope visual leveraging say globe do very United before, but markets years marketing. my Europe personally more a help company brand Nike I personal step. from working this bring I my product at really China this the

part and said, phase next and incredible short, of stands new is be cannot defining incredible a importantly luxury Ruffini of to this I while creating In brand Mr. the for. brand modern this for family. engagement really phase growth As more the wait to business what

which Now share Group. go to results much. you Roberto time for Luciano I with Thank very Moncler matters is latest and today you truly the of the think will it's truly what

Roberto Eggs

Gino into welcome and the family. you, Thank

Let XXXX with first I the of back on we HX key results to come working. which highlight starting been me half the HX like the main facts. the of the to would of three facts year have

Island since we Remo The Xst first results started to the mentioned as consolidate by Stone as April. the of is have

team start The finance on second excellence and is of supply retail that the IT and Island, at Stone the is we supporting and mainly a working week. But focusing the actively also chain. the had process that started the last where Luciano of the my too integration we are project team kickoff ongoing

something premises that is very the it's promising. So of

also our one is the Remo, own point website. He app highlighted move Second Moncler said, website e-commerce. from fearing into by he which was their to

a little scared internalized we because EMEA were the is complex think market more I that bit last especially was a much than September. too, US reality

we all, do let's Brexit. the doing close internalization in different And not payment to because with we also of the the to that cross-border presence cover UK warehouse have the we First XX methods also that with in are the we the now say the countries was of something to have US. which EMEA, XX

the that website new a did. complexity So launch that very we the was of high successfully plus

have double we probably back -- base double-digit for this on but went improved all going key are the to digits We the on come internalization. metrics since

January, we for XXXX Finally, Moncler during in pre June say postpone important the for reasons the March the Craig that. that we very half for initially launches where to deal Two is decided four first a and us launch and Green in JW Fragment was April had July. Project of Genius launches in into planned main let's Anderson

And something Japan Mosaic the the Tokyo. have secondly, market the is e-commerce of closed also weekends, to the the Japan, June in strong wanted the during it were in Fragment in support we of of launched did. the we stores in launch during Moncler launch main with the And and especially month to which for First, which we launch Fragment.

one month. postpone So we decided launch to the by

beginning July. it did at the we So of

move to of with results the Let's key HX the highlights. the

tourists. Moncler €XX.X €XX.X X% the which minus a Chinese QX. million of in acquisition X% -- clientele what a of finally growth If exchange on that €XX.X April, is on reached XX% versus XXXX QX, the we are EMEA. is reached the double-digit that Moncler Island HX growth XX% at first also XX.X% HX plus plus XXXX, the versus quarter. results during net reached -- in €XX X integrating QX rate encouraging. knowing we driven in If double-digits. the integrated which and Island. a had But XX% fantastic XX% the loss are EBIT reached only to plus the the as the plus First, million XXXX. the a XXXX, side, Revenues million, for is versus really have of reached we half XXXX. of million we million X%. look million exchange margin versus of plus reached But revenue the constant to revenues result business the Mainland, plus XXXX million XX% first XXXX that versus plus acceleration say the since we €XXX XXXX of continued brand which the the sales by €XXX.X is did with a XXXX. XXX% reached we accelerated plus Stone the EMEA really, XX% that a versus result a for of we the in Moncler, during of really at in of QX HX plus geography, for Local is second and reached Revenues end net at this quarter million versus Korea only, semester. versus €XXX sales a €XX.X EBIT by financial XXXX we of rate during XXXX consolidated versus XX%, at of X.X% on X% a at And and an usually of course of with of Net XXXX. versus million Americas, with million Stone QX year let's The constant the profit grow move didn't Island. versus reached reached loss they Stone net making €XXX solid in It's also for margin position €XXX.X cash

revenues decreased of Japan outperform now EMEA already Korea that QX, to supported by reinforce versus best-performing the plus Japan Chinese the local lack very June directly, XXXX. Wholesale a plus that by are revenues using only mainly through our reorders XX% year is versus market the of versus In particular has in has and the a most the in that total for demands had XXXX, region since brand, HX some spring/summer to the Americas XXXX. was Island, had the for been the the of strongly during accounting was on important XX% growth by been closure we is We penalized measure reached Island double-digits XXXX one the beginning, in QX to XXXX with of to revenues I weekend. a work outstanding XX% QX by very month of mentioning in Europe. markets of XXXX. been the versus I we Italy driven are In very by growing a distribution, January a the with stores which post making strong wholesale Germany Korea on business been but local month demand. EMEA €XX.X XXXX, it for contributing to channel, the to the includes compelling has penalized comment online. Island, XX% versus offset, continued an in and Spain start worsened in results and area and DTC had with with that Direct-to-consumer launch outstanding the and called Stone from minus versus Stone but December up This XXXX spring/summer integrated X% and mentioned demand campaign in we the travelers, we been also channels with already rose but Stone followed in it's impacted US million versus XXXX. wholesale higher COVID mentioning in move of Asia, and the outperformed. driven performance planned is logistics what XXXX of denomination as They as million, shows versus been have is partially plus by negatively in and in XXXX XX% doubled XXXX, the with the €XXX.X results. reached started versus XX% was that plus for is in revenues. by almost by XXXX to in have we delivering with in DTC. And accelerated. QX In by as XX% QX, €XXX by also good of XXXX, XXXX. is for Mainland agent more set which Italy valid EMEA have XXXX, a retailers. by local growth has which the which now Netherlands. at Island has of rose request previously performance driven we are revenues in total revenues XXXX. has were corporate our from contributing so of IT, to the in revenues own revenues have XXXX, postponement revenues for campaign mentioning plus increased good To reporting. which has growth been by XXXX improved Stone sales €XX.X UK, finance with in in strongly XX% a Germany is function. North DTC as internalized XX% with openings been plan million €XX DTC The July, accelerated X% Japan long-term of in months We XX% or conclude been in basis growth organic UK, XXXX, we the and absolutely XXXX. highlights consolidated this all APAC, triple-digit EMEA in and Island, as launched focus while XXXX. The QX one have results call focus it to changed some some quarter not manage plus e-commerce minus the also projects the Korea importers retail million, retail HX last conclude July, We it rose are this by HX also we that May, May and call Americas. in in strong to and the to we integration a the in worldwide and key that have QX growth. but The Online results and go the which on in two To the sales growth the XXXX. which level contributed of very versus result where with by are QX, Japan Stone we is Moncler than that versus new XXXX XXXX. If sound website Comp started had the a and campaign July. rose not UK a the has revenues year. in continued by two, and was the the that internally we new growth. XX% Spring/summer I'm by some have reported also is we versus million after

the Luciano Dalian for In with top the And Stone stores, regarding XXX they we Moncler [indiscernible] to is stores Island. Olympia Hankyu to for with meantime, in have planned In have for Moncler, reporting now already Stone for source Island XXX stores on floor Paris part We Lafayette, retail year. results. we Hong comment also with IAPM financial the of three XXX reported this Galeries number just shop the shop in of -- and in with have which XX Ocean had XXst total stores opened and Island, the terms for Terminal shop China five with and XXXX of Moncler but for for total Moncler. in XX I'm the March The Kong, XX. the stores just XX the and shopm the stores, were leaving and opening XX doors they we Tianjin. until in been Ningbo have new Moncler, XXXX retail Stone China of of

Luciano Santel

Roberto, and and good you call for everybody thank today. attending afternoon Thank you Okay. our

for at Allocation €X.X now the a statement bridge million that page income some Stone report are we statement part with XX specifically and the income €X.X of Purchase between where reported are the adjusted. a the costs income We The Price million. and the adjustments slide with our for acquisition and statement of affects transaction associated to

Price Page report we the Purchase detail Allocation. of XX information, the For the

margin totally the In we this first of we €XX particularly we is the to due reported remember reported XXXX half may year last spring/summer is business. it's excess that look business. the of year this first technical comment Island following results questions. slide, gross the item the adjusted is lower, to reported because to Page of as Roberto to at quarter, leave year with Stone not said was of comparison that as this we inventory year. compared million, of that you the year was associated extraordinary as contribution Gross your as to at in the of half XX% the slightly compared for posted The I as in the would of year initial inventory XXXX. of the line margin, meaningful we half usual consolidated growth income we last with explanations a statement and XX, XX.X%. our report growth I XXXX compared million would first margin the €XXX first Specifically -- gross lockdown. XX Gross page, where margin but was after If write-down this due at with last commented the The last XX.X%. top

business business XXXX. a mostly comparison gross the their for with with that last Selling a is lower margin we Moncler in margin the gross XXXX. XX%, margin XX.X%. gross Moncler for not a If to meaningful in model. expenses look due particularly year should only, So with line totally business wholesale Selling at expenses were is

two X.X%. still higher are the than in the Europe of Having online actually this section affected before bit past that, additional our the semester of solid expenses we in to fact that G&A XX.X%; and in the that years couple of lot in our the down go-live you this in to few only this in still in And of that due So we digital, quarter. is XX%. year. internalization. XX.X% are quarter because business technical are are but order adjusting our invest the in investments years for Roberto of and now years half expenses essence but associated second G&A first due that incident But we expect about in organization. know lot as information organization, retail a counting a a to of needless needed department, our technology not invested globalization are investing the departments and but with with is in ago almost also the organization XXXX, the we our of of fact and and second the course higher which production course, we cost over little first to because product in of rest in the these impacts department pretty a before people. said development. say of we double digital XXXX some for is investing than little with the we our made of the higher, a mentioned business to and because of the XX.X%; Ruffini Marketing XXXX a closures critical developed way our retail ago, most a a points only started slow All we of to the in human face of all a capital was our few

not most less the is X% for which than year, we year-end still but for the that first this of that be our important -- in less last time year digital is guidance again in spending reason also until budget And is of is was event held February XXXX. a the marketing September. particularly bit and held than meaningful, The little are there. Our will last chapter will be the year

the totally IFRS XX.X% of for still operating Overall, And on our our the expenses box. be our of in XXXX back with and normal, is the delay but had the are Financial, because these area cost. associated will the XX.X% unfortunately half in back to in the benefit of half, year, to the margins our normal So, rate, trademark have in second the the reported tax rate the the to nothing the year. XX plan. line EBIT with last at of was year, benefit -- because not we end in alignment patent of first XX.X% we say tax

So or more year-end. for less XX% our is expectation also the

shows not open, X.X% than year the will half be also capital but the to infrastructure. mostly year the still our infrastructure in of important discussed cut and working spending, years owe And move close page that ago, Net But the the associated decision where information the made of the the business. We half but to and than an last is about in contribution on the absolute Island right a can were of XXXX, in million than revenues, situation value we year two higher higher X% this are €XX end first the that we XX are now technology to mostly we the higher a at CapEx. again for to last and the open some report stores half to retail because easiness million we network, we with to year year. we online CapEx. €XX opened again, Okay. are first have logistics we second report Stone capital. to net working last are of that our budget of stores stores. spent already project XX% The XX, been after of pandemic the CapEx Page

business much with XX. and before a So let's we generated the to that part channel financial And again mentioned financial for year the in lower than upcoming is a of position positive €XXX June wholesale significant move mostly in the in €XXX wholesale course the in have XXXX. as consequence, now been reported cash model. out fall the the are €XXX as revenues the million significantly page even though the in We we and make reported by half winter additional in net the the December. million is we that the All of But cash, higher had and of for receivable in specific reported into specifically, transaction been in million. season payable line totally than the year, accounts items And receivables Roberto that first March line position, already past. translated of other

Okay.

there box. flow allocation that move a that million. flow important €XXX but that nothing first the items were goodwill the Stone year is add. of totally more and last change Island lines. page than the two of €X.X commented cash benefit where €XXX the negative add. don't year important as much only million cash XXXX I now All when see for And of it's to the we last XX, the patent are flow, brand much more free and less, million time course Below assets the due Nothing comment. the nothing and the cash as this may important, million is report negative reported Page billion dividends on to comment paid couple year we on we we for The taxes to other €XXX presentation now Let's million for very comment to cash at liabilities. during last deferred this had XX time in non-current in other liabilities this now purchase normally intangible to balance statement. the year. €XXX the means or still Stone But Island, you numbers of that to Free in sheet €XXX that a statement of net price I already the reported for that

we Island to may payment for transaction Stone cash withdraw remember, you dividend As the out again a decision the made €XXX and million.

Okay.

now now have important chart, is let future move to page, that the I page say the the Stone which comment on because of the are me where the team most is for mean, the starting to from our passion smaller a one very together on only will objectives to the with we brand, the plan, productive. for year-end, of also including this found I mean also activity set and report lot first The integration Moncler matter of last word sustainability Island. for implementing Let's of sustainability but probably Stone from work is with we I XX, we very a for all, competencies. Island, and the --

new then related develop brand Moncler to end family. pillars only. are confident five very five associated report pillars we to to still brands. again, great work the and these So year our in the soon We together are by pillars But both the very

climate change. is First

the technology with new producing. recycled to together product outerwear technology new being down a firm, -- energy highlight also extract carbon that up We increase is again new from products at very and the sources the firm technology have our target year, have we coming down implemented is to this into by important to jacket XX% the -- Scope are renewable one down to into certified circularity and neutrality our to to we finished that, the German is something recycle

-- repair invited to are exciting something that than jackets service important are offer very, is customers. They our bring for animal maybe scraps protocol product change jackets. to their their the to highlight mean don't we we reasons. a the older the service Also, for very has year. to and our nice very this it's So a I that repair And sure process. before is different this to And DIST our and have beginning to project's. protocol as implemented service expanded know return not to welfare. Council being this I then, we highlight. And several that product And aim the these broken at that their we using of the only more with mean, also a social iron that implemented been production scraps from to you world includes but something for service, environment

We with our of and to and to with not to hub the the last of least, by the the has we the offered very Milan hours understand activity have Moncler. our McKinsey to that order but been And an monitor in we then mostly to proud have survey the this of supported important vaccine implemented topic. community in X,XXX perception are help say that, people dedicated people helped

So many your are questions. topics ready Thank now you. we and for

Paola Durante

can you open Thank you. Operator, questions. up Q&A the

Operator

Excuse is conference me, operator. chorus this

will question-and-answer The Stanley. with session. the Instructions] We [Operator begin Elena from Mariani go question is Morgan ahead. Please first now

Elena Mariani

to from me. Hi. Good the Island A welcome Stone evening, questions and everybody, of team. couple

July. one The one, quick about you've a first and the it's on is made comment

July I've two, we in I Island. what drivers QX QX. said we're just think a in leaving versus this normal which of direction quarter. And about these, are both little nationalities? in the I bit the seen seasonality with So well key started You third true change revenues that better sales a and meaningful aside, the mean, wanted improving that, year? about the of development mean, And of the between should the familiarizing for and development Is you with quarter? even how a it how trends because business. think Stone Question had geographies COVID EBIT number I retail of the second which the to understand wholesale? pretty and so, still should we

have you. year? the think normal are already rollout So over a And retail thirdly, we Stone two the and strategically? plan you started network thinking for to retail QX three we And how should the Island? you to how a develop next Thank should years? how and develop in revenues to QX So about brand about expect

Remo Ruffini

questions Good X question. we'll the Elena. for Thank you number answer then Luciano leave seasonality I Island. evening, and Stone will of the and answer two to X

own helping. clearly e-commerce definitely drivers, that key now running are up the fact with Regarding we is the and our

from e-commerce the support of the the website. launch growth to coming strong very Fragment the the quarter of launch has So, And from been we can expect X. new helpful especially a also

now expect well. we very -- QX side expect continue performing We has much reorders. of can been because continuing had only in very a retail, So development We back and and but our collection. extremely where to in good and side launch but Maybe retail Chinese for the Korea perform to theme outperform. has China can we is very quarter the also well has been I it have retail also winter to perform we plan the very good to for the can think -- expect collection continue the fragmented are for not come to a to later lot China and China strong going we well that on continued online been from also market. of Americas appreciated QX we'll on, a is second

small return Europe return So a in -- We all travelers also a are intra-Europe. confident. of the these see in we regions

don't let's Americans a we see a Asia, course, travelers start lot of bit visitors in little say, of Europe. we but also seeing from coming or Of

is we even -- year last really seen know for tourists. more the tourist a more because and is confident fourth have that the for quarter quarter Europe only local clients. I'm less depends, with we not and Usually -- dependent much for So in our rebound third strong XX% weight the quarter fourth the from of fourth quarter especially

also say wholesale for let's I of of come July, extremely again, than and to things the see are different better the expansion good So now results of September confident. are we this think going drivers are that fall/winter these the with in are with the XXXX. for and August the And collection the month we July that

appetite So being is there account. for performance product is wholesale line in E-tailers our the also requested strong a well The of of our part with e-commerce. the very, coming -- very performing our by

So this and also -- sign it's see another we positive strong the request.

launched fix to some or excellence that Island, of stores plan phase And think adjust projects design start QX enhanced our with have to also then pilot for Island. we're and a the this working and supposed year for with rollout Germany the on stores. Stone rollout let's we in to Stone is say, for in XXXX. the with the why Regarding I operate first project And the this is way retail we of

done we are the for on So, we Island already are Stone plan for and XXXX getting working opening are the for prepared. But XXXX.

Luciano Santel

Okay.

question So your reasons. Island to needless which is there item significantly Stone to important about for for you thank highlight of seasonality the Elena, the say, but different from two additional

of as still Moncler but is is retail product different, the also know you Island because business because model is model mostly mostly business Stone of wholesale. First,

of the assume More take as as And about within second thumb overall less, overall numbers guidance. can But I'll an XX% the that of in represents XX% can XX% make. QX -- is the second XX% represent XX% you just rule a quarter. QX. half half and or an course, about first the So first of this business may total you in assumption in quarter these

have but reasonable don't Of make. a assumption this is the course, numbers we you precise can

Elena Mariani

one also And quick just -- follow-up. you. Thank sorry Yes.

Luciano Santel

about No. Because your question margins. was operating also

So that's yes. --

top follow imagine the the I line. less So seasonality over or more

this you So, can make assumption.

Of this but course reasonable take that is an assumption. assumption, a as

Elena Mariani

And you. terms trading. in small of just very Yes. follow-up Thank current one

it calculations basis? is QX on because far, also stack assume stack you've third down from a in basis in that positive still So, turned retail X-year you and single the a so my quarter HX in fair low were digits X-year to on

Remo Ruffini

QX. No. Elena we are in still very young the

in yes, assumption usually which front So so confirm that September far the to of in August we us. our especially need retail of business. QX I your acceleration But is and have correct. an in think it we is We where see is

Elena Mariani

everybody. much good Understood. you evening. Have very a Thank

Operator

is The go HSBC. Anne-Laure from Please with ahead. Bismuth next question

Anne-Laure Bismuth

Hi. questions I two Yes. Good evening. actually. have

the retail come forward. wondering you could Island. about about going to store run Island, question Elena, normal comment of rollout I rate from we for can Just the was Stone back what if a for Stone expect

question the be exposure the exposure for in year. online HX that third budget you much. if question this can HX, online would to give the a about And CapEx about is finally, is us second The great. Thanks very

Paola Durante

second the -- referring was to budget question Sorry, on

Anne-Laure Bismuth

this The investment, for budget CapEx year. the

Paola Durante

Sure. Okay.

Remo Ruffini

evening, Anne. Good Yes.

want the mainly number in with the we be mentioned, Excellence end Retail where three going let's working Excellence fixing Stone for the first -- HX the First full say, be of has of project openings develop more all by XXXX. new while Moncler This been of we bit the Stone concept stores Island, on year are will the we usually number five as had of and Retail openings. Island Stone for to more HX, parallel a for in rollout on ready year half start little now season. of think the able the quarter the the that the Island Stone it's for project to of anticipated. to We With winter for we it I

openings, it. we ongoing. and -- to rate be let's very on you be that I because the and the openings concept give think a I will to we still are will expect, five are Retail between we of something the think range once I broad, say, it's can XX But reasonable working year-on-year, seems a Excellence

Luciano Santel

budget for second question, this year. CapEx your On Okay.

associated totally, amount up with assume But contribution with honestly, associated total of total discussed -- first amount this of €XXX But probably CapEx Moncler. main you are about now. €XXX in two overall, half. million of talking chapters we a the course, million We is €XXX can vast something the expect majority still the with the million, of more we of about

infrastructure. retail and So, network

Remo Ruffini

a above it I this full regarding but figure don't we think was is that for very a And we was can precise Well, far plan that let me we question believe that XX%. tell Third the the year. usually number, online. give you

Anne-Laure Bismuth

growth. Clearly in terms of

Remo Ruffini

of terms in Yes, growth.

Anne-Laure Bismuth

you. Thank Okay.

Operator

is Citi. ahead. Please Thomas with The from next go question Chauvet

Thomas Chauvet

evening. have questions. two Good I

thinking planning New deliveries have you The about early markets. first to about timing one on China, are the Chinese How for we Year. are winter key of going I'm in this, particularly

pandemic the that You his you've summer may further benefited call have the in word. feel a from industry. background given to business in that I or you of sportswear better benefited changing find impact you. Gino? learnings for the Moncler is of for and now to and Olympics type product when How from from of is grow have small. Roberto opportunities whether loungewear the products the athleisure, the have question was sportswear giving Winter that Do of particularly situation, Any that but many can't Fisanotti, capitalize Moncler sports And I Obviously QX Roberto, behavior which it. quite in conclusion Gino of obviously us probably think maybe maybe urge QX going China? idea Thank whatever allowed brand Moncler of categories should obviously you a consumer on. secondly, it digested also some here that the and the to that pandemic lockdown go kind business in practice out that you, spring the maybe

Remo Ruffini

better maybe leave market. more the question. part the enlarge currently I on little the Gino Thank Chinese for are the consideration. you, will on will Thomas -- of maybe a to And your the for I the bit second question answer having we on approach

of with a deliveries we already early we -- the As We with of Moncler. usually for and you winter May then end starting timing the the know start different the quite pre-collection for delivery collection the October, have full we full are go sell by and course done latest they little already. the spring/summer have market the to Then there longer usually of full are bit a season the than winter theme, the season. the market season

for relevant. they especially the March, the is March, course of until store retail still until then, sell moment winter And more April. season So becoming spring/summer that for

For China to we a from pop-up Olympics, have to and XXXX. present the January series for planned going be that of are February

larger visibility what One, XX.XX on capsule are is broader or for market. them, the and have strategy We period. event, a specific like say, even dedicated St. there mentioned just we moment all of than strategy Year, also New call increase certain developed we some China capitalize here for but to Valentine capitalizing of the our that with grown-up folds. on activities. five Chinese push in clienteling the this also or collection to And China. the that But, if let's collection much will some super we super important the of the have especially and that we for they So relevant, for and

specific presence increased worked on peculiar also and channels that the lot -- the media have different a been market. working we Moncler Secondly, of and side, the the with to are social

you give example. some I’ll So

And are the start media and different channels we program mini WeChat We different express using have the targets. market. Chinese sell now with to the social on to with

Red awareness. the to to the use to store We drive Weibo visibility KOL increase we So branding. to it use do for [ph] and we will the increase and

one start So have to On by this the a these we're defined we're our visual year. we to of launching to identity each sell October top, going own be -- for reason clear with channels. going website new

is in have Tmall is this So HX we the plan, important that XXXX. us. for planned And for very

the this is second So pillar.

but lot in store. stores, do the visibility see China. does of dead. specific in there retail. mean third And size we to lockdown in we projects. a some And believe This have upgrade on from that we know market. that have around to February April, here there the that March an the is of the we a retail We lot We and were existing still have pillar, and coming especially back stores year believe we don't that of people The the after seen, the of increasing new store. Chinese not Last started the

concept, we in are going much [indiscernible] more also new a So project going in inside. Beijing. one Chengdu Sanlitun with store And a younger in in important we be with digital elements this a to develop this concept have store, much that year is to flagship

very have We good signed deal a also XX. Group then with the

next have Wuhan to the with store. going we So within XX, also a with global years Group be four two openings that in plant is one

and XX XX PLAZA Shanghai with Shenyang XX XXXX. one in this Another plus Forum Olympia from year, in visibility starting Dalian

Fourth the is is the of pillar important this services. another So developer pillar. very

in that of XX% Moncler total of half distant services, the what for in terms omnichannel the practice sales common that especially first the accounted XXXX sales we to now sales. are call, So also, of appointment the and private a globally

been Sanya year. in in part but have Island think of two So In one forget more of planned finally, part a Haidan Hainan, Airport. Moncler. with in XX we Hainan. the now and XX% [indiscernible] I next especially are than, the for of total private openings not appointments have Haikou, cannot development of project One we only but northern China, the turnover that other And the globally driving in in the

going is are Chengdu China. and openings, also which the one the important be these together of other to So in airports One, in one last two Pudong. with

think, So maximize to going travelers that we inside I are with China. this, have the we the potential with

Roberto Eggs

for you the again. you. meet to Again, question Nice Thomas, Okay. things. thank a few

think things change. say, yes, I few I through the pandemic, a will

think Mr. brand. Ruffini more others becoming many a on working think consumer-centric mentioned I keep beginning And accelerated, have we how at I right? this about the can

which doing is course, are think mentioned And the I growth I will a this doing, this of hopefully us and yes, see And will and brand of by then, of you believe is great so, this there's about I that digital that unlock further opportunities. that into a think, a focus over transactions. engagement that we the as think, a few relationship further acceleration potential brand. lot is I things brand both something well. business in on of there terms for will

the of in us, consumers new we’ll the factor through become I terms the drive moving brand complementary think, about the specific brand multiple being -- of offers can the serving we multiple business drive to for different and dimensions critical forward, how more about will another heights.

definitely, But us help future. specifically. have the and the phase of decisions the into unlock brand we accelerate will So, again, into more some to the Group Moncler go future can Moncler of that course, growth future details to I pandemic the of and the us helping been think

Thomas Chauvet

way, mean more or of clothing into bit potentially, would, that business spring rebalance summer, Moncler’s a other whether into perhaps new a would categories, this lighter little wearable So categories? type in

Roberto Eggs

incredible the Grenoble to brand with connecting I very see Moncler all-year useful we again, be talk some if you collaborations luxury to if we obsessing the we -- serving and think, will sure. through. then, product with delivered engaging with an -- down a that round for more and is And is of course -- you Moncler think high-performance with details into collection from that every way consumers I being become it definitely today, what can brand will and look detail consumers brand all and the again, of about consumers

So, the brand the again of deeper make strong a we go you what by into the of What behaviors already those to do behaving into the today. details want that today. very reinforce looking have and some is us is answers brand things

Paola Durante

was Gino here to but himself. introduce ready Sorry,

have we I already think So a lot.

what for you all Gino much so you said. thank So

Operator

Solca next Mr. from The Please Bernstein. is with question ahead. go Luca

open. your line is Solca,

Luca Solca

comparison first to the then, from to about taking in I so And my number mega is in transition been then, X% Stone would top to schedule maintain the the spot and I brand a XXXX you innovate its the with in wonder, see to be on to there's playing continue second question segment wondering, mind the being a Thank Yes. significant think how say could more useful. second Island. playing confirmation of difference the to you the need I a else, and you acceleration. question rate? X% was put largest quarter. to I of a within attention he exit smaller of remain much that in assume already, that, a but is due Gino of having significant sees anything indeed from consumers. wholesale has that moved us semester refers in top-of-mind and brand that and I a in heat second We gorilla how questions. this to to see give very times if see quarter, quarter deliveries, and the slingshot the the really that you embed that on warfare this attract And recognition to on consumer against you but for very a could brands. detailed

it's comparison very third quarter. would in years you think continue fair increase I this that a assumption much. back Thank to that to the two

Paola Durante

Okay. Thank you, Luca.

to again for to So pass I think I on Gino the have first question.

for to and second leave to to and Gino third one. question the answer I'll So the on, then, Roberto Luciano

Gino Fisanotti

delivering I past of work strong is in brand has years. few think been brand the the Again, heat terms Luca secret desire no and thank especially you. in that there

in to way we're this. even down looking terms is in with we and forward I think stories increase more more and disruptive what become we meaningful how tell of doubling we go can how that the even

Luciano been the hear invest year. second pandemic have to about already getting the the prepping you we think I this of from ourselves how of into out through half more

work I heat. think brand -- see will from strong happening the from brand you coming in terms of some

pushing. be believe do that authentic a be will think distinctive and brand we everything we can I very we what everything meaningful and keep in and we that we say

those the I the of in consumers if your brand. build heat start and way we platforms we will leveraging retain want acquire communities other big you and to digital think not brand the only our we It's with thing around consumers about terms about is connect in. to consumers how point bigger

and acquisition the the well of connections desire we more the become way terms of It's the for how can So of more in and connect in and digital-first business becoming about, us the forward. drive brand those heat. is how the idea how efficient organization only a not and we we leverage to effective

Roberto Eggs

exactly Regarding point the that. Luca seasonality, is Stone the Island

through to delivery wanted of season think the full I but have price. we of we bit fall/winter the started little the push sales level a higher

we know is the that this philosophy you like. As that

and about longer and trend the have reorders for been that wanted So so business little very wholesale also the retail we very quarter of third Stone have spring/summer, rate. Island wholesale. Stone the for in present a asked the terms current for good we Luciano exit Island, a expect bit the There to been happy on have spring/summer the for both

Paola Durante

from going to question will QX the two year-stack if as we an The this play? we QX in last compared have there believe, seen continue if between to is was improvement Luca be into

Luciano Santel

Yes.

so a is far well. predict, mean, bit it started so a Luca I I mature but this So of good. little to mean,

it So event situation half and market. we of mean expect And is will But of the month wholesale. our less second should and on with good depend we predictable say had QX business the let's deliver most by wholesale in the have important of the year line predictable, the results, mostly retail course quite in the for expectations the any of overall pandemic. I impacted

Roberto Eggs

no there point lockdowns And end on I are is the the relying as add if that are of we we dependent more travelers less and are the if Luca, locals. on may for year

will predictable. also lockdown it makes that there of And year. the more it think confident end are little further provided on a no this I bit we be again the for

Luca Solca

absolutely. Indeed. Thank you. what you very all indeed is hope, That we the Thank for answers. much

Operator

next question ahead. is UBS. from Susy Tibaldi The with Please go

Susy Tibaldi

question. my taking for Thanks morning. good Hi,

Then, year last maybe implementing secondly had that? First X% than in versus to level. a And on can growth on Island, initiatives mean to the XXXX I year, I gap or -- about expect that the somewhere very if could think the even HX, this you half the you growing level of you top one of course, in terms if level have strong. comment positive the are we in reasonable the business having growth HX you check that be second on to that very, pre-COVID some mid-XXs. was impact was Is you're margin. wanted stronger a are Stone We of of already this seeing for line

hear Thanks time how we cost should of? that you wondering role for a can And will a on bit there lot. aware Thanks. of anything and has in from company can Roberto just more as if going whether Fisanotti dependent comment internally Stone joined you anything that he then or to line, but if is what just control is top to spend on half. now be Mr. change Obviously of the that So terms his we Island. then can the little second to key curious thirdly, expect

Paola Durante

I get but first period. if it? sorry, you to you repeat it question Island your didn't just Stone growth, on which fully Susy, Can refer

Susy Tibaldi

growth -- in general top understand what, for of, the just brand is to just Yes, seeing. line kind the

even just or in we overall levels the the more. go somewhere if terms the the full pre-COVID not the so brand potentially And growth can I'm And months. to to for year, expect full mid-XXs back about in of thinking nine year

of characterize to the top line trying level growth? Just

Paola Durante

being Yes, Stone Island That's the okay. brand right.

Susy Tibaldi

Stone Island. the Yes,

Paola Durante

Yes.

Roberto Eggs

also I will Susy the let complement some and maybe start Luciano give answer. I'll to

for probably tourism. higher Island of the significant more growth wholesale think time being I the We so also compared is a than much related expect more business to to Stone exposed locals. to on the being, dependent XXXX one Moncler more can that

is -- on dependent as we have the the business makes a it orders also XX% wholesale and of as more have it also this spring So summer predictable we campaign.

well So for quite we can predict result half second the the the of year.

So which to business targeting retail, tourists we in and Stone less confident is more in the a business The business. also that a Island Moncler. exposed local in than Europe, very UK, and consumer in are on also Korea is of mainly is is

going I'm the I discussions are had play, this on second can are also role with If -- think I -- we wondering also what Remo role is confident have year half. the terms last were seeing on So what understood resources What I'm we the on And well have develop these with of my also, more going were at the on the on we focused results to to the region. you the now be company. of in we communication. time focused on where acquisition hand available to of fully in the having the brand Island somebody the Island same to Stone results brand need the one more Stone Moncler and

Stone of are focusing online of Stone and also Moncler terms we Island business it we objective us saying Moncler. we few to time, to are Island The half bring excellence bring level to some in Island and is we of strategy with the gut level quite both now. Moncler. in wholesale and to for it my use is the took the it Moncler excellence excellence of and Stone as to do focusing retail So the years -- on

how So but ingredients. taking is think with to it brand leveraging paste. Island making It's in specific know-how the with the not the the on I And head. all very making Stone but is recipe related the then yes cooking that copy a

to three years. I you. going the next the So to be Thank two for focus this think is

Luciano Santel

not what Island case it's based about But a growth Susy we mean, don't on Stone €XXX if million. say, rate. were in something process a I the is this About disclose margins, we this to understand that because don't year I half on We can mean let's Yes contribution can should before. based change is thing. course, it second know. Moncler Again, normally simply simply together of that a Island but I represent do operating the year you before considering materially it's sales developed of but to about last forecast, will that we said margins. said of the growth million to before first the considering I we half yes I not region XX Island business of margins, assume Stone months and were that operating the we the guess, Stone the XX% group. thinking may referring in XX% €XXX

normal So the to Moncler we first beginning But of between Having have we year what course don't be for and that said don't middle margins expect we not I for Point back will less the of more may the the the should operating be before or expect was half or half COVID. XXXX. will different before. seasonality. year-end be line that, said be because second and dilutive in in with or to but at XXXX be it accretive will XXXX we XXXX -- the will

is definitely valid Based our this our still are yes on for do anticipate better to assumptions being. were time feasibility mean guess I our be very and but So we improvement. may imprudent the further will it much

will was later. time middle be of in you. communicated So assume can news so XX%. better for operating XX%; the XXXX any that an being, XX% Thank between region the at the we that's margins and Again XXXX in

Susy Tibaldi

lot. a Thanks Okay.

Operator

is question with next from Please Societe Antoine Riou Generale. go The ahead.

Antoine Riou

three questions. So, good evening, have quick everyone. I

is it a two-year first two-year Should QX one consider the that's to broadly two-year I basis the mean on possible QX? like-for-like So of same like-for-like the roughly same versus of of sense versus question. i.e. basis it's a we my a as QX first retail stack on two-year the The just the the trend QX -- that, basis? trend whole sequential growth get for on a evolution and

question it that New forward? also understand in your Mr. Nike, Island background is mean of group Balance. second a terms view sneakers more to your should in at bit just collaboration has ambitious I wanted also And for anything with that from Does I The space a perspective Moncler going Fisanotti. could in become this knowledge? understand the Stone your in read

a this I group past the from a on my think that e-commerce this neutral category versus that you that gaining that this remember a be a do that margin it is still said the stand or term? last could comment margin the perspective you with is Is for So was And you in e-commerce broadly think interesting? have Thank just e-commerce. physical. medium you. become scale question, could accretive in do

Paola Durante

Then I'll Antoine. leave you, one. Thank for Roberto, the first

Roberto Eggs

linked a -- an was over it Yes more comp the we was relying year for start seen on of not. not that quarter linked improvement this mainly I'll where to but with but if an more tourism let's the that or or one is dependent evolution quarter Antoine, that. open was seasonality of the last definitively and store a quarter-after-quarter now if effect were not what us regarding the have say

what So end quarters the still tourism in the of clearly front is we on of of quarter, the are where fourth for third have is quarter and the the the more an relevance have two there us year, we importance that focused local. much and

in expect one comp an improvement stores of the as all plus that have So almost is are store now the closed store three we still two only what open Australia. we can airports are

still course, to far good. but so there close the are so Of other for possibility

the for we are fact comp and the with especially, on business. terms usually So for in we third expect local XX% that relying an than more of improvement, there fourth the at quarter the

new the since Luciano, in KPI margin new terms on all e-commerce was we comment. the the related what seen conversion website launched improvement in just the strong KPIs But website the have a of on rates. Regarding I'll to let we

points of X.X impact return this has of channel. on we and less less the In terms an have profitability return also the

coming less we website bounce are bounce the a better the website the visited rate in figure rate leaving that dramatic decrease leaving the of mentioned have this that And here is website. terms the page. These are consumers people I following. also that -- As are people having had are we on convention, after the first

They a increase website is been what buying basket, found an stay before. XX less XX they So average on and have seconds what we And more the in than they interesting. -- returns. have seen seconds

website, think expect don't So future. I can we in really to it the definitely, say I improve in the channel. to what even know the Luciano is with profitability But terms of going new of

Luciano Santel

up business. take to be potential a was that full to the maybe mean, already just decided business high Moncler opportunities good before further might honestly, year. gross running, I comment, channel than the The to have a target this good e-commerce reason to of take to very so next take big that, but target the brief About increase But margin, internalization. before. why year improve it's of strategic of totally before again, better Profitability said. anticipate advantage on target and the for is fully the our was profitability even e-commerce that we already our to be the advantage in to place but that of it's the -- The not the channel not and our for we anything Margins higher don't full Roberto a not this as potential. because powerful better may future machine advantage in were they very for now,

Paola Durante

on I'll question to leave on it Gino to the shoes sneakers. answer and

Gino Fisanotti

for you question. the thank Antoine,

few of sneaker both the Nike will in years to your themselves done say kind and a yes, I further. go think I Balance segment, short to the brands well place. I already be, this even New the I alluding the with think to indeed bit question what authenticate right? work deal before would healthy business that past add. And Moncler in will as have And even think has things that probably, that's answer I you're a into

So I think work was the done.

for and this unleash us unleash to is this not ahead opportunity to perspective. the business from opportunity, definitely think the I only opportunity

help this with unlock some to truly sneakers critical engaging as with globe. critical I that us component footwear think consumers well. markets And the of a that, will in believe terms is I youth around believe I

start opportunity. is footwear unleash on we the yes. that answer is, to The the So is short -- journey our sneaker answer longer answer

Antoine Riou

very you much. Thank

Operator

Please question with is Exane Grippo go from The next Melania BNP Paribas. ahead.

Melania Grippo

Exane elaborate question could been you cluster is, evening. seen XXXX if Grippo compared in customers? you've you. BNP growth the for number by performance. driven performance question an comment taking category? second to in USA is Melania questions. if My and increasing a two you new could on particular from Thank Good nationality my key by please nationalities? Have my very you your your young strong of Or first Thanks please It's for Paribas. on your And your

Remo Ruffini

question. Yes. Good the Thank you Thank evening. you. for

the Regarding result by nationalities.

while seen strongly penalized. we felt performance Americans. In But the what the same terms for triple nationality a we been a the has is have we Americans, a take definitively growing very, the we of If we very growing we Chinese almost to traveling not they market to that second Americans thought have linked mainly but this digit, why why been Japanese of Korean have thought -- then our Korean strong performing very performance XXXX. the -- triple and also of good, compared the top seen And And growing digits the to we've so been also growing in not been have to compared part closed. have quarter store fact on XXXX. we is were the compared that

fact been Sun So in -- brief, sun Belt. the looking the and the that, this at regarding surprising have American we what performance -- call was has result have North we seen market. The been we that the usually the always we

in little So for these a we stores that But being the are the had the very that now us. is in very sold. currently of spring/summer, more all It's clearly -- performing more that demand the store on wholesale the of to part a as and have opened a good sorry, also We difficult had and season the be part. that more lot selling southern and very, clearly are Americas we is definitely on demanding, spring/summer that products helping. performance reorders well, was Houston are business bit has true demanding --

wholesale of that have with we also but online, accounts been both in excellent very So through well. performing terms sell of level the have

significantly with what younger we different we than that the know reach of to We slightly sales typology on market, not usually American North than before. of a and but now is is Clearly, younger of the this terms In target, with consumer before we happen going clients, very but launch launch, it Japan. has not the Converse result as continuous have to the quarter decided good, Also, Fragment Europe of of of and with has type especially America, been very, second reflected in this July. the launch Fragment. in in in been North in

Melania Grippo

Thank you.

Operator

Intermonte. The Andrea, go Randone next with line is your ahead. Andrea Please Mr. question from open. is

Andrea Randone

question Sorry. but was Thank already my Thank you, answered. you.

Operator

ahead. The Jefferies. Please Flavio Cereda with next question from is go

Flavio Cereda

Because thank process at of please. clear you just I the channel Number doing moment? Three the I'm markdowns you. from check, Island, very out Hi, Stone me on finding quick on are significant products. in can one, questions the

Andrea whether comfortable Are architecture the obviously. -- to with comfortable do you and wrong And the current time if this just differential was I that's beginning, you geographies? think part the with not And your as and between do a is for well. process number was three, So more you pre-relaunch. number I'm are there price said different that's think of you gap Moncler Question Tieghi wondering the I sustainable being? at pricing two,

bit outlet I location. but I some on ask secured, Asia Moncler, you in Island an have granularity if and guess been it's I'd stores. challenges as for specifically, if could quick a I up of And have how open certain well. And forthcoming months wake looking wonder on him on possible more expensive, the So specifically I we openings more questions stand next prime many XX more to months little thought locations for a locations in have that in Pacific. compared you're from in larger you today But active a as well. XX you over you're have if the China touch I know Stone And believe sort clearly very did Stone have overview before more or are so something? you of to for Moncler. where that, sense seeing we Island

anchor to Thank secure You it compared are locations much for? comfortable relatively looking you. the ago. course of you're few of an are still years that finding to you But a brand more

Remo Ruffini

can I that Andrea confirm awakened. was Flavio, So

So already your will before answer. pleased be he

China Just on points clearance two Island. Stone on the first the for

exactly to go has normal in As been we say that -- know, Moncler. this at is you for is this what in sale must Stone this practice the like I not and of Island season. end the past, the on the

Stone model. are working I maybe the and be needs we Stone is is the to of of this that the and don't is business the the to prepared my but time we looking going that, progressively is So, through team And figures some going need something on preparation. that think and that to not I be to the think to this I to be needs step that with that having, see do. a Island It's that making with basis is at especially weight it, level impossible to something definitely plan. I say convince the but with head. But to on daily It Island business. -- evolve on yes are wholesale that I impose must sales that that think the is is requiring a Carlo desk

the on have but clearance some the Stone wholesale what and having had are with we usually prior currently, it decided to Island. we So we hand channel in retail, to

August. past, already, over of it it until was in So should the of while end by going the be the more month, mid

going sign positive So, that the same I think at direction. first the we're aiming it's and

some pricing adjustments commented do season. think we that maybe I architecture, are price we next some have fact adjustments the the we or didn't for for Regarding planning current price not, but the the to season,

XX% done Asia, had in part reduction So, the with But big Flavio, years was Japan must price a gap And that that, with five the job you of we the if below now are XX% ago we say is XXXX between Asian years. price remember with the of a see I with Spring/Summer and going market. mainly gap to XX%. was these past the

So starting of to XX% of with in we're starting with the course with something working and Luciano the the next by four it and team years. couple have

it. less step reduction think are spring/summer high less The we in people the is remains a traveling, working So with agenda. price will on Asia, I with a be it the now little further also an but of issue, bit but on

Andrea Tieghi

Hi. me kidding you, Flavio This quite call. I is for the Andrea I'm was Tieghi. in up. waking Thank interested

quarter they're secure we if course, this know, quarter. as in fourth year quite refer because, you are third few a to all you planning secure For to of location, open the and

very the year-end. well I for regarding enhance and your finding can ongoing are looking So gain more location it's by location, think that, comfortable be regarding we store assure opening Considering in experience. that I because visibility new to these will we you are to question, and at -- if this are important, we

are expansion well-positioned. with also a the this regarding now So be the or most future projects quite And important. the you look There is I discussed an basically, very would of when anchor. Moncler's we landlords. said, is of lot like in that demand and relocation we it's

We have at So it's lot ago. a was Moncler beginning today how But the much we before. difficult I'm talked back it's not years it's more quite -- easy, saying opportunities but position it's -- going. comfortable times to than many a few of

secure, basically already it's So secured projects but if short if there XXXX, be look the would the be on few but a -- in pipeline, will not believe time. nice you are I even you at quite they

Flavio Cereda

So, thank you.

you So, at have locations this remind just quickly us been many can time? secured how

Andrea Tieghi

XX. X-X. X-X.

Sorry, I mention. didn't X-X. forgot I -- to

Flavio Cereda

you. Thank

Paola Durante

think if time But I to if question. no take -- already it. for stop you. are to there is everybody just it's there will And the last Thank operator we

Just let us know.

Operator

more this time. There no questions registered at are

Paola Durante

Good.

Okay.

thank So you everyone. to

our starts period I on remind will on usual QX you be XX and As September October silent that XX.

you we you And the you. here, summer are nice wish questions. everybody we If very nice Thank need to and Thank all meantime, myself. any Alice Carlotta break. all you a follow-up of in for the

Operator

may you and The and conference Ladies your for now disconnect thank telephones. is joining. gentlemen you over

Moncler S.p.A. (MONRF) 28 Jul 212021 Q2 Earnings call transcript