When Remo Ruffini bought Moncler in 2003, the winter-wear company was nearly bankrupt. Since then, the Italian entrepreneur has revitalized the brand: He introduced the world to statement ski jackets (the kind that cost as much as a mortgage payment but look equally sharp on the slopes as in a city), outfitted just about every celebrity out there (from Kanye to Lee Radziwill) and, in 2013, took the company public in one of Italy's most successful IPOs (officially making him a billionaire). Now, he's coming for Canada, with a new store on Toronto's Bloor Street. At the launch of the glitzy outpost (all marble and mood lighting), he talked about competing with Canada Goose, life in his hometown of Lake Como and having Drake as a fan.
Moncler is expanding in Canada with a new store, the third in the country. Why did you want a bigger presence here, when there is already a store in Toronto, at Yorkdale Mall, and another one in Vancouver?
Canada is an interesting market for us, for sure. For the weather, because it's quite cold. It's also the life of the brand. We want to go all around the world, in the best cities, in the best locations. We had our first store here, at Yorkdale, in 2014, then opened one in Vancouver in 2015. And we're back on Bloor because we think it's important to have a presence on the street. It's a very luxurious street.
Canada can be a challenging market, though. For one, it's relatively small. For another, there are already a number of domestic, luxury ski-jacket brands – Canada Goose, Moose Knuckles, Mackage. How is Moncler setting itself apart?
This is my first time in Toronto. Honestly, I was not very familiar with the brands you are talking about, except Canada Goose, until today, when I toured around. I don't see them as competition. I think we all offer completely different products. We aren't just focused on parkas, for example. We make different jackets, for different uses – kids wear, skiing, snowboarding, or more sophisticated looks. We have a different attitude. I think they are interesting, but we are offering different products.
When you took over Moncler in 2003, it was near bankruptcy. What made you interested in the company?
Moncler was founded in 1952 in France. When I was young, it was a very, very popular brand in Italy, and all over Europe. It is very tied to my generation. In the winter, when it was -10, -15, I would wear Moncler. And I had good memories of that. So when it came available, I wanted it, and we made an offer.
And how did you turn the company around?
I really focused on the quality of everything. The quality of the product, the quality of the customer relationship, the quality of the stores. Now when I see how the customers interact with the products in the stores, I feel happy, because then I see that we worked in the right way.
Mr. Ruffini says it is important for the company to have a presence on Bloor Street, which is home to other luxury brands.
PHILIP CASTLETON/Moncler
One of things you did when you took over was move the production from Madagascar to Italy. Why?
That was my strategy. Before, the company would buy a finished garment and add a label. For us, it was very important to control the production and focus on quality. For that, we had to understand what's going on with everything – the fabrics, the feathers.
It has clearly paid off. When you did the IPO of Moncler in 2014, the stock value increased by 40 per cent in the first day.
Today, it's even better.
That must feel good.
It was quite a success. We went public and the shares went up. We continued to work and the value had kept going up. This month has been our best performance. We reached €25 per share. When we went public, it was €10.20. We more than doubled the value of the company in three years.
A lot of famous people wear Moncler, including Toronto's very own Drake, who wore one of your jackets in his Hotline Bling video. I'm curious about the celebrity appeal of the products?
Honestly, we don't necessarily work directly [with celebrities]. [Drake] must have bought the jacket in the store, because we didn't talk to [him or his team] before the video. We have a good relationship with many celebrities, but many just buy the jackets in the stores. They are just regular customers who like the product.
Mr. Ruffini doesn’t see other luxury outerwear brands in Canada as competition, arguing that Moncler has a ‘different attitude.’
PHILIP CASTLETON/Moncler
At the Bloor Street store, what kind of retail experience are you trying to create?
The store we are opening on Bloor Street is very similar to other stores we have opened around the world. They have the same mood. For me, it's like my house. I want to feel like I'm back home when I walk into these stores. Similarly, I want my customers to feel at home when they go into my stores as well.
Speaking of home, you live in Como, Italy, and live the kind of life that mirrors the brand – skiing in the alps, trips on your yacht, the Atlante. Why is it important to you to live your brand?
I mean, it's my life. It's where I'm born and where I grew up. In the alps, in Como, which is a very nice city. I've tried to transmit my lifestyle to the brand. It's this attitude we strive for every day.
Other than Como, do you have any other favourite alpine destinations? Where would you go to wear Moncler?
Many places because I love cold weather. Canada, I love. I've been to Montreal and Quebec City, which have a nice attitude. I've never been to the West Coast but everyone says I have to. I love Boston up to Maine. I love Switzerland a lot. When I go there, I feel very good. Switzerland might be my favourite.