Moncler, the luxury fashion brand known for its upscale outerwear, recently made headlines with a spectacular event showcasing its latest collaborations with celebrities. Held on a remarkable Saturday in downtown Shanghai, the event took place in a series of pavilions constructed within a historical shipyard as a strategic move to counteract the ongoing challenges faced by the global luxury sector.
Dubbed “The City of Genius,” this vibrant gathering attracted over 8,000 attendees eager to witness the unveiling of Moncler’s Genius collection. Each pavilion featured a unique presentation by this year’s collaborators, including big names like A$AP Rocky, Edward Enninful, Willow Smith, and Rick Owens, who brought their individual artistry to the brand’s iconic down jackets.
Since its inception in 2018, Moncler Genius has embraced innovative minds from diverse realms such as fashion, music, and the arts, inviting them to reinterpret its celebrated designs. This year’s presentations were nothing short of extraordinary, featuring runway shows, models showcasing attire amidst the splendor of meticulously designed gardens, and even displays along a go-kart racetrack, highlighting the brand’s commitment to creativity and engagement.
As this much-anticipated event unfolded in Shanghai, the luxury market braced itself for an impending slowdown, attributed in part to China’s economic challenges and a noticeable retreat in consumer spending. This sentiment was echoed by France’s LVMH, a major player in the luxury sector, which reported a 3 percent decline in third-quarter sales just days earlier.
In contrast to the prevailing trend, Moncler has demonstrated resilience this year, outperforming many of its competitors. The company reported an impressive 11 percent increase in revenue during the first half of the year and has seen significant double-digit growth, particularly among Chinese consumers shopping both domestically and internationally. As of now, Moncler has yet to disclose its third-quarter results, leaving industry watchers eagerly anticipating the news.
Remo Ruffini, Moncler’s Chief Executive Officer, expressed optimism about the brand’s performance in China during a press conference preceding the event. “China is a very good market,” he stated, acknowledging the market’s volatility but remaining confident in its potential. “I’m certain that in five years, China will be much larger than it is today.”
In a strategic move to fortify his influence within the company, Ruffini solidified his control following a recent agreement with LVMH. This deal allowed LVMH to acquire a 10 percent stake in Double R, the investment firm controlled by Ruffini, facilitating an increase in Double R’s stake in Moncler from 15.8 percent to 18.5 percent over the next year and a half.
