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

Moleskine
e) Outsourced manufacturing
Manufacturing activities are 100% outsourced to a broad set of qualified suppliers based in Asia (11
mostly for Paper) and in Europe (6 mainly for WTR). The production is concentrated in only a few
supply locations to generate cost efficiencies and control the sourcing process, while the supply base is
sufficiently diversified, qualified and ready to deliver products when needed.
The outsourced industrial footprint consists of:
For Paper items 7 suppliers of which 4 in China which cover more than 90% of total products
supply. Approx 6.5% of total production has only recently been outsourced to Vietnam, which is
much cheaper than China (labour costs are 30% lower than in China);
For WTR items 10 suppliers, of which 3 in Italy contributing more than 40% of the total
supply, while 4 suppliers in China cover some 30% of the total production.
MOLESKINE: Industrial footprint
COUNTRY NR SUPPLIERS % OF TOTAL SUPPLY
PAPER ITEMS 7
CHINA 4 93.2%
KOREA 1 0.4%
VIETNAM 2 6.4%
WTR ITEMS 10
ITALY 3 42.1%
CHINA 4 30.6%
CZECH REPUBLIC 1 10.9%
GERMANY 1 9.5%
SPAIN 1 7%
Source: Mediobanca Securities on company data
f) Distribution
Moleskine serves its final customers through a multi-channel distribution strategy, which guarantees
cost control, high visibility on sell-in and sell-out data and strategic control over retailers.
MOLESKINE: Distribution management & sales
INDIRECT CHANNEL DIRECT CHANNEL
Indirect B2C
78%
Source: Company data
Note (1) Direct retail distribution started in June 2012.
B2B Retail E-Commerce
16% 1% 4%
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IPO
04 March 2013 ◆ 25