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AT A GLANCE
AT A GLANCE
HistoryStrategyCompetitive positioningProduct offeringBusiness modelKey financialsLeadership teamInvestment caseContacts
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History
The Moleskine brand was established in the mid-1990s by a small Milan-based publisher (Modo&Modo) who brought back to life the legendary and iconic notebook used by great artists and thinkers over the past two centuries and restarted production in 1995, registering the Moleskine brand in 1997.
From the very outset Modo&Modo conceived and marketed the Moleskine notebook in a disruptive way - not simply as a notebook, but as an enabler of personal creativity, thereby establishing the basis for an aspirational brand and a new market segment. By serving the needs of people dedicated to creative activities and involved in knowledge intensive industries, Moleskine established itself as the “lifestyle-of the-Creative-Class” brand.
On October 4, 2006, Modo&Modo was taken over by private equity investors and in 2007 the company name was changed to Moleskine. The management team led by CEO, Arrigo Berni implemented a growth strategy focused on enlarging and enhancing distribution footprint, broadening product offering and growing brand visibility and awareness.
Over the years Moleskine has delivered continued double digit revenue and profit growth. Moleskine listed on the Milan Stock Exchange in April 2013.
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Strategy
The strategy of the company is based on six drivers for sustainable long term growth:• Increasing brand awareness and engagement mainly
through higher brand visibility • Broadening of product offering in the segment of premium
stationery, personal accessories and integrated analogue / digital solutions
• Growing accessibility by building the four distribution channels (Wholesale, B2B, e-Commerce, Retail) to full potential
The developmental trajectory of the brand is underpinned by positive secular trends. Favourable demographics and rising education levels will sustain solid demand, as testified by a steady rise in the global urban population and improving youth literacy rates1.The stationery market is set for continued long term growth (+4,8% CAGR 2013-2020) reflecting a consumer behaviour blending and integrating analog and digital tools.
(1) Global Industry Analysts Inc. Stationery products. A Global Strategic Business Report. November 2014.
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SUSTAINABLEGROWTH
AWARENESS &ENGAGEMENT
Growth through a combinationof hard and soft channels
PRODUCTOFFERING
Expanding productoffering to grow
both volume and value
WHOLESALE
Growing doors andsales density
through increasedcustomer proximity
B2B
Growth through amulti-channel approach
ECOMMERCE
Growth byleveraging a globaloperationalplatform
RETAIL
Profitable growthby increasing bothspace and LFL
Moleskine is a globally recognized lifestyle brand enjoying strong positioning, thanks to a combination of key factors:
A unique consumer proposition marked by superior quality, distinctive aspirational values and strong heritage coupled with contemporary appeal
Truly global reach as shown by levels of brand awareness1 worldwide with further scope to grow, especially in Asian markets
A brand that drives consumer choice: the Moleskine brand plays a key role in the purchasing decision process, as for luxury and apparel goods the brand represents an identity marker2
Competitive positioning
(1) Source: Ales Market research, 2016(2) Source: Interbrand research, 2014
ITALY
78% 69% 64% 62% 27%
UK UNITED STATESGERMANY JAPAN
72%63%50%41%
LUXURY GOODS
APPAREL
AUTOMOTIVE
ICONICPRODUCT
DISTINCTIVEASPIRATIONAL
VALUES
Personal IdentityCulture, Memory,Travel, Imagination
HERITAGE + CONTEMPORARY
APPEAL
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Product offering
Moleskine has its roots in the iconic notebook, but is constantly developing its products, appealing to the evolving needs of its contemporary target audience, whilst maintaining its distinctive cultural heritage.
The paper based product category is set to continue to grow, driven by solid underlying demand and increasing market share through the continued development of direct to consumer channels and increased penetration in the Wholesale and B2B channels. It currently representents 92% of revenues and is expected to account for 84% of revenues by 2018.
In 2011 Moleskine has developed a collection of personal accessories called WTR (Writing, Travelling and Reading accessories) which represents 8% of revenues and is expected to grow to 16% by 2018 thanks to a more effective reach of target audience through direct to consumer channels. Moleskine supports the evolution of the creative process and created a new collection of hybrid products, called Moleskine +, aimed at delivering a seamless creative experience in migrating contents from paper to digital devices. Part of this collection is the recently launched Smart Writing Set, a system made up of a special notebook, a smartpen and a companion app working in tandem to digitize notes and sketches instantly as they are made on paper. Altogether, non-paper categories (WTR and M+ collections) accounted for 13,9% of total net revenues as of 30 June 2016.
Moleskine enjoys a scalable and flexible outsourced manufacturing model with diversified suppliers based mainly in China and Vietnam. Moleskine has strong know-how of production techniques and processes, ensuring strict quality control and lowering costs through greater production efficiency.
19951995
The legendaryNotebook
20042004
CahierCollection
20072007
Soft CoverNotebook
20112011
Writing Travelling& Reading
2012
First SmartNotebook
19951998Planners
and Notebook
20042006Volant
20072010Limited Edition
Notebook
20112012Color
Collection
20142015Calendar
App
20142014
The legendaryNotebook
Moleskineby Bric’s
20142016
SWS
MoleskineCafe
2014myCloud Bags Collection
Colored Pens
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Moleskine leverages an unparalleled distribution platform with four distribution channels and a truly global presence in more than 114 countries
Business model
Distribution footprintGeographic coverage
Source: CompanyWholesale B2B Ecommerce Retail
€/mln 53,4 67,3 78,1 87,0 98,7 128,1 53,4 67,3 78,1 87,0 98,7 128,1€/mln
APAC AMERICA EMEA
FY2012
53%
36%
11%
FY2010
60%
32%
8%
FY2011
61%
30%
9%
FY2013
52%
35%
13%
FY2014
50%
36%
14%
FY2015
43%
39%
18%
FY2014
69%
19%
4%8%
FY2015
5%
11%
62%
23%
FY2012
78%
16%
4%
FY2010
84%
16%
FY2011
82%
16%
FY2013
4%
73%
18%
5%1%2%
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Wholesale
• A unique global network comprising 27,100 doors • Efficient and effective network of partnering distributors and growing
weighting of direct sales to major retail chains• Continued strengthening of relationships with retailers in order to enhance
customer proximity and further geographic expansion
Business model
B2B
• Customised Moleskine products sold to global companies which use them as part of their marketing activities, through a multi-channel approach (direct and indirect distribution)
• Sales and marketing led by a direct, brand-driven sales force coupled with a global network of distributors with well balanced, growing geographic presence
• Partnering with highly visible brands is also an effective marketing tool for Moleskine
Atelier Moleskine - Mondadori, Milan
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Business model
Retail
• Increasing brand visibility and customer proximity• Continued growth by combining footprint expansion and high single digit
like-for-like growth through improved retail operations• Light capex retail model • New opportunities from Moleskine Café
e-Commerce
• An effective, global operating model leveraging solid partnerships, while ensuring direct control of key elements of the value chain
• Strong online customer engagement also thanks to strengthened value proposition (e.g. product personalization)
• Geographic expansion in new countries in APAC (Japan, Korea, Australia)
Customer engagement 2015vs2010
3,8x
# of Fans
5,2x
# of Followers
2,1x
# of Visitors
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UNITED STATES
FRANCE
SINGAPORE
5ITALY
GERMANY/AUSTRIA
HONG KONG
UK
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4 20CHINA9
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STORE NETWORK*APAC 33AMERICA 9EMEA 23
Total 65
KOREA 2
*As of 30 June 2016
10Key financials
* Reported figures on adjusted basis.** Includes listed company running costs.
40,72009
53,42010
67,32011
78,12012
87,02013
98,72014
128,12015
33,72014**
42,32015
15,52009
22,72010
29,12011
33,52012
33,62013**
2009 7,6
2010 12,2
2011 15,7
2012 19,7
2013 19,2
2014 19,8
2015 28,4
(38,4)
(65,7)
(55,9)
(43,5)
(16,1)
(4,6)
+14
2009
2010
2011
2012
2013
2014
2015
Moleskine is a high growth, high margin company with strong cash generation
Net Revenues* CAGR 09-15 +21% (€/mln)
EBITDA* CAGR 09-15 +18% (€/mln)
Net Income* CAGR 09-15 +25% (€/mln)
Net Debt* 50M+ cash generated in the last 6 years (€/mln)
Leadership team
ARRIGO BERNI Chief executive O�cer
- With the company since 2006- Solid track record of building profitable and sustainable growth in leading
global consumer goods and retail companies- Previously CEO at a.testoni and Managing Director at Bulgari
MARIA SEBREGONDI Co-founder and Board Member Sociologist, semiologist, poet,author of various socio -anthropological treatises on contemporary mutations and new languages.
LORENZO VIGLIONE Chief Operating O�cer
- With the company since 2013- Strong expertise in operations
and sales management - Previously at Olivetti, Fiat and Bulgari
ALESSANDRO POLETTOChief Financial O�cer
- With the company since 2016-Extensive experience
with global publicity listed companies -CFO at Marazzi Group and S.M.I.
Società Metallurgica Italiana, among others
PETER H.JENSENDigital Innovation Director- With the company since 2011- Strong expertise in digital business development- Previously Senior Director of Digital Development at Lego
LUCA DANOVAROMarketing and Communication Director
- With the company since 2015- Expertise in brand marketing and communication
for global companies. Previously at Nike and Samsung
ROBERTO DI PUMAPublishing, Licensing and New Business
Developement Director- With the company since 2004
- Strong track record in business development in the publishing and branded accessories sector
FRANCESCO LEPRERetail Director
- With the company since 2015- Strong expertise in retail development and management
- Previously in OTB Group, Warnaco Pvh (Calvin Klein) and Frette
MAURA GALLOTTIHuman Resources Director - With the company since 2015- Previously at FinmeccanicaGroup and Autostrade
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A global organization, with an experienced leadership team, consistently delivering on a three-year growth plan, through effective execution of a proven growth strategy
A unique, global brand, synonymous with the lifestyle - of - the - Creative - Class and serving an expanding market, supported by favourable dynamics
A business on a longstanding, sustainable growth path, supported by 6 distinct growth drivers
A company creating shareholder value through a combination of double digit topline and bottom line growth, strong cash generation and dividend commitment
Global organization,effective execution
Lifestyle-of-the Creative-Class brand
6 growth drivers
Shareholder value
Investment case 12
Olga BolognaCorporate Control and Investor Relations
+39 02 00 680 622
http://corporate.moleskine.com
https://storify.com/moleskine/what-they-say-about-us
Contacts 13