REPORT_ The Board of Directors of Moncler approved the consolidated interim report at September 30, 2014. In the first nine months of 2014, Moncler recorded revenues of 449.3 million euros (559.9 million dollars) representing a 16 percent increase at current exchange rates or 18 percent growth at constant exchange rates.

Elaborating on the positive results, Remo Ruffini, Chairman and Chief Executive Officer, said, “We are very pleased with Moncler's performance in the first nine months of 2014. Despite an uncertain macroeconomic and geopolitical scenario, we have delivered 18 percent growth in revenues at constant exchange rates and a 19 percent increase in EBITDA.”

“The international expansion of our network continues and at the end of September we had 163 mono-brand stores, including 127 retail stores. We plan to open more by the end of the year and have already secured sites for about 15 further new stores which will be opened in 2015. I am also extremely proud to announce that we signed an MOU to assume, on the January 1, 2015, direct control of our activities in the Korean market,” added Ruffini.

In the first nine months of the year, Moncler recorded strong double-digit growth in all its international markets. In particular, the company achieved 36 percent growth at constant exchange rates in the Americas, driven by both wholesale and retail channels, demonstrating a further improvement on the first six months of 2014. In Asia, Moncler’s sales revenues increased by 35 percent year-on-year at constant exchange rates, due to the strong growth recorded in the Chinese, Japanese and Korean markets. On a current exchange rate basis, revenues for this region were partially affected by the weak performance of the yen against the euro.

The EMEA countries recorded revenue growth at constant exchange rates of 14 percent, with strong performances notably from Germany, France and the UK among others. In the first nine months, performance in Italy was slightly lower than in the previous year representing below 1 percent growth.

In the first nine months of 2014, Moncler recorded growth in both distribution channels, with particularly strong performance in the retail channel. The retail distribution channel recorded revenues of 219.5 million euros (273.5 million dollars) compared to 175.5 million euros (218.7 million dollars) in the same period of 2013. This represents an increase of 25 percent at current exchange rates and of 28 percent at constant exchange rates, and is driven by growth at existing stores and the development of the network of mono-brand retail stores.

Growth at Moncler stores open for at least 12 months (comparable store sales) was 7 percent, as expected slightly lower than in the first six months, partly because of a higher basis of comparison. The wholesale channel recorded revenue growth of 8 percent at current exchange rates and 9 percent at constant rates. As of September 30, 2014, Moncler's network of mono-brand stores consists of 163 stores including 127 directly operated stores (DOS), an increase of 20 compared to December 31, 2013; and 36 wholesale mono-brand stores (shop-in-shops), eight more than at December 31, 2013 including two conversions from wholesale shop-in-shops to retail concessions.





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