Remo Ruffini: «China is going to recover»

«Chinese customers account for a third of retail sales, both in China and abroad. The Genius event will bring us a great return of visibility in a key country». Remo Ruffini, number one of the Moncler group, explains the logic behind the decision that led him to build a real city for the group’s flagship label with 3 billion revenues in 2023 (which today revealed the quarterly figures, ed.) and a 15 billion market cap. For one night, the Asian megalopolis's former shipyard, Cssc, which extends for more than 30,000 square meters, transforms into The City of Genius. A significant investment that clearly demonstrates trust in a nation currently facing challenges.

«In China, our industry is the least affected by the crisis. The real crisis is in real estate, which brought down with it the tertiary sector as well. There is undoubtedly slowing and volatility in luxury. Things have changed since three years ago. However, we plan these projects at least a year and a half in advance». With the participation of over 8,000 guests and Vips such as Anne Hathaway and Naomi Campbell, the massive event signed by Moncler took center stage. The Moncler Genius collections, which were signed by a fresh group of fashion and communication experts, were unveiled at this event.

From the surprise show of Jil Sander to the space atmosphere of Rick Owens and the musical-sidereal mix imagined by A$ap Rocky, who arrived accompanied by his girlfriend Rihanna. Then there are the go-cart races by Francesco Ragazzi and his Palm Angels and the Mercedes creations by Nigo for lovers of engines. Nature wraps up the looks imagined by Willow Smith, who came with her mother Jada Pinkett Smith, and the orange-vitamin setting of Gilga farm by Donald Glover. While a night flow embraces the silhouettes of Frgmt by Hiroshi Fujiwara and Edward Enninful until the opposite, the total white by the Chinese artist LuLu Li.

Do you think China will recover soon?

China will definitely be a region with great potential in the future, and we can only think of a medium-long period. We cannot look at the trimester. We have never looked back. I have no doubt that China will be one of the most important markets for our sector, even thanks to the investments that they are making. They invested a lot into residential real estate but also into commercial one. There are great opportunities ahead of us.

How important is China for your brands?

It is very important. China represents a third of retail sales here and abroad.

What is the secret to overcoming this moment of crisis?

Since 2003, I have faced many world crises, even worse than the current one. Considering what a company like ours can do, I have always avoided thinking about the crisis, trying to resist and concentrate on the brand instead. When there was a big crisis in the US, I said, let’s keep working, thinking that the world would have grown in the medium-long term and never looking at the present.

Does the client understand Genius, or is it useful just as a showcase?

Genius represents from 5 to 7% of the entire revenue, so it does not pay the investment back, but it still gives a great boost. It represents an operation to attract a type of consumer who did not come to our stores. Most times they don’t buy from Genius, but they become repeat customers. The project may not be the most up-to-date, but it always gives us something. When two or three months without delivery Genius in our store go by, we feel it.

How will Genius change? Will it be reduced?

There is a great economic effort, but a great return as well. What I always say is that Chanel has made four runway shows a year for 50 years; it is their business model. We have made Genius for five years, and it already seems obsolete, but maybe it is not. Nevertheless, I am thinking about a great revolution.

Why do you want to rethink it?

It is not as unique as it was five years ago; I am aware of that. With that said, it still is a project that gives great energy to the brand. We surely need to think about a strong revolution, especially if we want to make it work again in Europe. It is not easy; I think about it every day. The next big even will be for the Grenoble line... But I would not want to abandon Genius; we need to regenerate and evolve it, and we are working on it. I like to always challenge myself, but it is not easy.

Did the fashion component reduce compared to the start?

That was exactly one of the first revolutions. Giving a voice to first young designers and then to people from other industries to reach a wider audience. We had Jay Z and Pharrell last year, while this year we had A$ap Rocky, Childish Gambino, Willow Smith...

Who would you have liked to bring but did not manage?

Many people, but unfortunately a lot of them are tied to exclusivity contracts. I can say that one that I have always liked very much is Marc Jacobs. I have never approached him, though. He is very concentrated on his own collection, but with feathers he could have designed something exceptional. One of the people I have always wanted but never had the chance to have.

In conclusion, are you satisfied? 

 Never. But it was still amazing. (all rights reserved)