Founded in 1952 by French entrepreneur René Ramillon, Moncler started as a manufacturer of specialized skiwear and down products. The company’s name is derived from the abbreviation of Monestier-de-Clermont, a town in the Alps. It once supplied uniforms for the French Olympic ski team. In 2003, Moncler, on the verge of bankruptcy, was acquired by Italian entrepreneur Remo Ruffini, who now serves as the company’s Chairman and CEO.
Born in Como, northern Italy, Remo Ruffini developed an early affinity for Moncler skiwear due to the cold weather in his hometown. By the 1970s, Moncler had become a cultural phenomenon locally, with every teenager dreaming of owning one. At the age of 14, Remo Ruffini begged his mother to buy him his first Moncler jacket.
In his early years, Remo Ruffini worked in the United States for his father’s textile company. He returned to Italy in the 1980s and founded the clothing brand New England. In 2000, he sold his brand and began working as a creative consultant for the holding companies of both Moncler and Frette.
In 2003, Remo Ruffini decided to acquire the then-declining Moncler, hoping to restore its former glory. At the time, the brand’s production base had moved to Madagascar, leading to a sharp decline in product quality. Compared to the pre-acquisition period, Moncler’s annual sales were $62 million in 2003 but had risen to $368 million by 2010.
Ruffini not only saved Moncler but also transformed it into an international mainstream luxury brand with over 200 stores worldwide. He infused the European brand with American trends and business philosophies while maintaining its sense of sophistication.
Regarding the blend of Italian and American cultures in Moncler, Remo Ruffini stated: “The most important thing is not to forget your ‘roots,’ but at the same time, always embrace new cultures with a forward-looking vision. Only then can you achieve creativity and momentum.”
Recently, Moncler was awarded the “WWD Honor for Best-Performing Company, Large Cap” by the American fashion business media WWD. In an exclusive interview with WWD, Remo Ruffini briefly discussed several key milestones in the company’s development since he took the helm in 2003:
Remo Ruffini referred to the initial years of acquiring Moncler as “the process of laying the foundation for the brand.” During this phase, he prioritized enhancing the product and the overall corporate image, relocating the production center back to Veneto, Italy, and restructuring the brand in all aspects. He said: “My goal at the time was to move Moncler out of sports apparel stores and into completely different sales channels.” The next step was to change consumer mindset. Remo Ruffini explained that this involved a huge leap from a wholesale and domestic-focused business to an international retail market. In 2007, Moncler opened its first physical store, a crucial step that marked the beginning of a new mechanism.
A successful public listing marked the beginning of Moncler’s aggressive expansion into the international market and its rise to global prominence. Remo Ruffini played a pivotal role in the company’s IPO process. He believed that private equity funds typically exit after 3–5 years, and if Moncler wanted sustained financial support, going public was the only way. Of course, the timing of the IPO had to align with shareholder expectations and couldn’t be rushed.
After a failed IPO attempt in 2011, Moncler successfully went public in Milan at the end of 2013. Due to unprecedented market enthusiasm, the initial public offering (IPO) subscription reached 31 times the issuance volume, significantly exceeding expectations and becoming the largest luxury IPO in the European capital market that year (surpassing Salvatore Ferragamo’s €344 million fundraising). Subsequently, Moncler’s stock price fluctuated for a considerable period. This year, as its performance demonstrated strong growth surpassing most luxury brands in the industry, the stock price has climbed to record highs, with the current market value reaching €6.3 billion.
Remo Ruffini stated that the market has provided Moncler with a broader stage. This year marks the 10th anniversary of his acquisition of the company. Post-IPO, Moncler is entirely different from what it was then, having grown into a luxury company that can truly rival industry giants.
In the first half of this year, Moncler’s sales increased by 18% year-on-year to €407.6 million, and net profit rose by 25% to €41.8 million. This marks the 14th consecutive quarter of double-digit sales growth since its 2013 IPO, with all channels and markets performing strongly.
The third phase saw Moncler’s astonishing post-IPO growth attracting more and more investors. Remo Ruffini noted that during recent frequent changes in shareholding, Mittel, The Carlyle Group (Carlyle), Eurazeo, and later institutional investors such as Singapore’s sovereign wealth fund Temasek and Swiss travel retail company Dufry have all reached a high degree of alignment with him on Moncler’s development strategy. He still indirectly holds a 20% stake in Moncler.
Keeping up with consumer demand, product diversification
Remo Ruffini’s keen fashion business insight allowed him to detect early shifts in the tastes and needs of high-end consumers: they were more willing to spend $1,000 on a lightweight down jacket than on a heavy traditional coat, as the former’s portability suited various business travel and outdoor skiing needs.
Guided by this idea, Remo Ruffini drew inspiration from down sleeping bags to revolutionize high-end lightweight down jackets. He adopted lightweight fiber manufacturing processes to create more complex, stylish, tech-forward, and higher-margin jackets. He even launched summer-weight down jackets (convenient for travelers during sudden temperature drops). He joked: “Although the demand for comfort now seems to be surpassing the desire for elegant appearance, you can’t walk into an investment bank wearing a colorful traditional ski jacket.”
Moncler not only hired renowned designers Giambattista Valli and Thom Browne to oversee its women’s and men’s sub-lines, respectively, but also collaborates with multiple internationally acclaimed designers each season—such as Nicolas Ghesquière, Junya Watanabe, Chitose Abe, Erdem Moralioglu, and Masaaki Homma—to release capsule and collaborative collections. These efforts enhance the brand’s fashion appeal while maintaining its core DNA, catering to diverse customer segments and age groups. In 2005, Moncler launched its first collaboration with Japanese design master Junya Watanabe. Remo Ruffini proudly said: “No one was doing this kind of collaboration back then. Moncler was the first.”
At the same time, Moncler, originally focused on jackets, began diversifying into categories like knitwear, shoes, handbags, and accessories, striving to differentiate itself from other high-end brands. This is evident in breaking away from traditional luxury store layouts (described by Remo Ruffini as: accessories usually displayed upfront, with clothing hung in the back) and the distinctiveness of its products. Remo Ruffini even aimed for uniqueness in fashion show designs. In 2016, during the brand’s 2017 Spring/Summer Milan show, two male models dressed in Moncler jackets and dressed as bears emerged from the jungle into the audience’s view. The 2011 image of 180 skaters dancing together in New York’s Central Park, invited by Moncler, also became iconic.
Always putting the customer at the center
Remo Ruffini shared that his current greatest interest lies in applying digital technology to daily work to understand customer behavior. He firmly believes that the proportion of luxury e-commerce sales will far exceed the industry’s predicted 20%. He thinks luxury executives should prioritize customer communication, ideally even “getting to know every customer.”
As a loyal fan of Moncler himself, Remo Ruffini has a deep understanding of the brand’s consumers. He said: “In the past five years, the mindset of skiing enthusiasts has changed dramatically. People used to wear specialized skiwear to ski, but now they wear anything. They no longer want to wear colorful jackets on the slopes. Wool has become the new favorite for skiers, so we developed 100% waterproof wool skiwear.”
Moncler now operates under a fully direct-to-consumer model, having gradually phased out all distributors, licensed dealers, and agents in recent years. By engaging directly with consumers, the brand conveys a strong emotional connection.
Reflecting on Moncler’s rapid growth in recent years, Remo Ruffini humbly stated that he never expected the brand to grow so quickly. Beyond growth, he has always placed equal importance on product quality and customer relationships.
When discussing the often-mentioned “storytelling” approach in current brand marketing strategies, Remo Ruffini insisted that he has always been talking about Moncler’s history, not just “telling stories.” In marketing, he maintains brand transparency and listens to shareholder advice but always adheres to the company’s clear growth strategy. Remo Ruffini’s long-term vision for Moncler is to build a strong, unique, steadily growing, and uncompromising company.
Source: Luxe.CO