Moncler SpA is an Italian luxury outerwear brand founded in 1952. It is one of the leading players in luxury outerwear (EUR 12 billion markets) with over 40% share in luxury down jackets (EUR 2 billion market). Moncler is globally present, with 12% of revenue generated in Italy, 29% in EMEA excluding Italy, 16% in the Americas, and 43% in Asia. Most of the company's sales are direct-to-consumer, with over 75% generated through the own retail channel (219 stores globally) and the remainder through 1,400 wholesale doors. Around 80% of revenue is generated in the core outerwear segment, with the remainder in the accessory, knitwear, and footwear categories. We estimate Moncler to command around 8% of the luxury outerwear market globally, with higher market shares in Asia and lower in the U.S.