Is Moncler the next Burberry?
Much celebrating (and some amazement) about the stellar stock market debut of Moncler on Monday, with some analysts attributing the excitement over buying into the brand to the idea that it could be “ the next Burberry”. But is that true, or wildly optimistic? I can see where they are coming from, but am not necessarily convinced.
The main parallel, of course, is that both brands are built on essentially one coat, which they like to call the “iconic” coat: the trench for Burberry and the puffa jacket for Moncler. It allows them to paint themselves as “lifestyle” brands, the coat representing outdoorsy, athletic, exploratory.
Both also have historic roots, though I tend to think Burberry’s story of the trench, as worn by British soldiers in the first world war, Edward Shackleton and various royals, trumps Moncler’s ski jacket, which dates from the 1950s, when it outfitted various Alpine expeditions, and the 1968 Grenoble Winter Olympics, for which Moncler designed the French national team’s kit. These brands have proven that by treating said iconic item imaginatively – making evening trenches/puffas, lace trenches/puffas and so on – they can sell a lot more than anyone would ever have imagined.
And both have triangular structures, wherein a luxury pinnacle (Burberry Prorsum and Moncler Gamme Rouge – Autumn/Winter show pictured above left – and Gamme Bleu), which involves clothes shown on the fashion calendar, is supported by much broader sales of more accessible clothing. In Burberry’s case, Burberry London and Burberry Brit, and for Moncler, the basic skiwear line. But there’s also no question that Burberry has been significantly more successful at convincing both consumers and critics of the validity of its fashion offering.
Moncler’s shows, which are half fashion and half performance art, occasionally involving snow and wolves and scantily clad young men working out, are lots of fun to watch, but don’t really set, or even speak to, any trends. While Burberry has a successful handbag offering, Moncler has no bag or shoe lines to speak of – bags and shoes being, as we know, a crucial route to fashion profits (though it is branching out into sunglasses and luggage). And that’s before the beauty and perfume that Burberry has to round out its brand.
Even more crucially, Burberry has that key element: a name designer/frontman (and soon to be CEO) in the form of Christopher Bailey, who serves as a personal entry point to the brand. And Moncler, while it has Giambattista Valli designing Gamme Rouge and Thom Browne on Gamme Bleu, has no face to attach to its identity other than that of CEO Remo Ruffini, which is not the same thing.
All of which means that if it is to be the next Burberry, especially in markets such as China and the US, where brand-watchers see opportunity, Moncler’s got some work to do, especially on the clothes and the entry-point accessories. After all, there is a limit to how many puffa jackets one needs, no matter how varied; ditto winter-ready gloves and shoes. It needs to demonstrate that it can create products for the summer months, too. It needs a designer to stand up and be counted. (Young British designers, take note! Opportunity calls!) And as another shortcut to personality, it could use, much as it pains me to say, some “official” celebrity ambassadors (not just celebrities who wear it, of which Moncler has many).
Also, probably, to sponsor the Met Ball. Can’t you just see it now?