Where Drake’s Favorite Jacket Came From
If you have spent some time in any of the more frosty parts of this world during winter over the last decade, you have certainly seen them: the mostly shiny and often colorful, but always puffed up down jackets by Moncler. Even if you do not have the need to protect yourself from the cold, because you spend all your life relaxing on beaches while drinking cocktails garnished with paper umbrellas, you might know the jacket. By now, the brand has stores in locations as tropical as Singapore and Sao Paulo.
The rapper Drake is sporting a cherry-red specimen of Moncler’s signature model Maya in the music video of his hit Hotline Bling. With almost 1.5 billion views on YouTube alone, the video has brought Moncler into the conscious of a major share of the global population. As may be expected, Drake’s influence has caused Maya sales to temporarily double, with every worthwhile fashion and lifestyle magazine from Vanity Fair over Highsnobiety to the Guardian’s fashion section jumping on the bandwagon. By now, there’s even a Drake edition of the Maya jacket — limited and already sold out, of course.
As a Canadian, Drake may as well be a connaisseur of warm garments, giving his embrace of Moncler credibility. And if you are looking for more elaborate support, let it be known that Michelle Obama wore a Moncler jacket while Skiing in Aspen, CO, arguably North America’s fanciest winter sports resort. The list of devout fans goes on, from Hollywood stars over musicians to politicians and royalty.
But regardless if you love or hate them, you might have asked yourself where these jackets came from, and what apart from Drake sparked their sudden popularity. Moncler and its jackets have been around for over 60 years, so what caused the evolution from a brand known mostly by insiders in a few alpine countries to a global down revolution?
Equipment for Professionals
The roots of Moncler are to be found in the sleepy French village of Monestier-de-Clermont, on the foot of the Alps. Here in 1952, a Moncler started producing sleeping bags and tents, and soon afterward began developing its first quilted jackets, which were originally worn by workers. Because the jackets protect well from the cold, they were soon discovered by mountaineers, and reached their first modest fame in 1954, when chosen to equip an Italian expedition to Karakoram. The expedition ascended of the K2, the world’s second highest mountain peak, for the first time in the history of mankind.
Over a decade later and after equipping more alpine and arctic expeditions, Moncler made its first appearance in sports, equipping the French national downhill skiing team during the 1968 Grenoble Winter Olympics. In 1989, the appearance of Moncler’s signature down jacket was thoroughly overhauled, making them more fashionable and functional. Nevertheless, Moncler’s jackets still remained a niche product for alpine enthusiasts. It would take over a decade more before this was starting to change.
An Unlikely Hero
In 2003, Moncler was at the brink of bankruptcy and was bought by the Italian Remo Ruffini. Ruffini did not seem like the savior Moncler needed so desperately. A school drop-out, he started his career working for his father’s mid-size clothing company before embarking on modest success with two of his own clothing brands. At the time of the takeover, he acted as Moncler’s creative director.
But Ruffini saw the hidden potential of Moncler, and its quilted jackets in particular, so he started to set up the company for its way toward a glossy future. The entrepreneur’s vision was to transform Moncler’s jackets from their niche positioning as a functional piece of clothing for alpinists and adventurers to a trendy, yet warm and comfy luxury fashion product.
Ruffini relocated the company to Italy’s fashion capital Milan, had the jackets redesigned, started to gloss up their appearance, and introduced flashy colors such as red and blue. At a daring price point of around US$ 1,000 per jacket, he started to target a hip, young crowd with ample financial means in the urban centers of Europe. There, Moncler’s jackets were welcomed as an alternative to less fashionable, less gleaming wrappings to make it through the cold winters. With its increasing success, Moncler started to open up its first five stores across Europe.
The Rise of a Global Phenomenon
By now, Ruffini had not only saved Moncler from foreclosure but has awakened its previously hibernating potential, propelling the brand to unimaginable success. Come 2008, he knew he was onto something, but quilting urban Europe was not enough, so he developed his “Global Down Jacket Strategy” to bring warmth and fluffiness to the whole world.
To cast his shadow beyond Western Europe, Ruffini needed a partner, however. He neither had the financial resources nor the network to expand internationally, and he and Moncler’s top management also lacked the knowledge and expertise needed to scale up their business to the size necessary to fulfill their newly found ambitions. This partner came along with private equity firm Carlyle.
Next week, we will reveal how Moncler’s story continued and how private equity firms got involved with the brand.
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