moleskine-ipo-report-04-03-2013-mediobanca

Moleskine
MOLESKINE: Business model overview
Marketing
An efficient and scalable business model
Moleskine’s business model is based on an integrated operational structure, which
includes the direct management of key segments of the value chain with tight control
over the outsourced segments.
The group runs its most strategic activities (brand equity & communication, marketing,
production development and distribution) in-house, whereas for manufacturing
activities it is supported by a network of 17 suppliers (7 for papers and 10 for WTR) 8 of
which based in China, under its continuous supervision.
The distribution is multi-channel, as it consists of the B2C channel (78% of 2012
revenues) mostly run through a total of 51 distributors, and the B2B channel (at the end
of 2012 1,183 clients worldwide that use customised Moleskine products for their PR
activities).
Moleskine has recently entered the retail channel (today it runs 5 stores in Italy and 4
DOS in China) and the e-commerce business now serving 22 countries.
The group’s business model is lean and flexible, as it is based on an integrated operational structure
that implies the direct management of key segments of the value chain and strong control over
outsourced segments. The table below highlights the various phases of the entire production cycle,
with some phases of the process outsourced and full control over the most strategic and critical
functions, as detailed below.
Product
development
Brand Equity & Communication
Sourcing &
production
control
(“Operations”)
20 FTEs 13 FTEs 23 FTEs
Information technology
Source: Company data
Manufacturing
a) Brand equity and communication
Outsourcing Outsourcing
Strategic
distribution
management
33 FTEs
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8 FTEs
Indirect distribution,
sales & logistic
Direct distribution
This is an across-the-board function spanning the entire value chain, aimed at ensuring a consistent
brand identity. All the activities are related to:
Brand positioning: aimed at granting the brand a positioning consistent with its values,
through a continuous search for the most effective communication methods, to be aligned with
the market dynamics;
IPO
04 March 2013 ◆ 21