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

Moleskine
In Italy the DOS expansionary strategy started in June 2012 through 2 openings in Italy (Rome
and Milan Central railways stations) through the travel retail format. In 2H12 the group opened
three other locations in the Turin and Naples railway stations and at Rome Fiumicino Airport.
Due to the limited capex requirement, these stores reach break-even in a very limited period of
time.
MOLESKINE: EMEA travel retail DOS formats - validated examples
CLUSTER Cluster A - Premium locations Cluster B - Tier 1 Cluster C - Tier 2
LOCATION Milan Central railway station Rome Central railway station Naples Central railway station
OPENING-CLOSING DATE Jun 2012-Dec 2012 Jun 2012-Dec 2012 Nov 2012—Dec 2012
SIZE 20 sqm 40sqm 42sqm
REVENUES (JUN-DEC 2012) € 255,418 € 390,007 € 51,913
REVENUES PER SQM € 27,100 € 17,200 € 9,800
Source: company data
In China, the store network roll-out started in 2011, with the first store being opened in March
2011 by a group distributor in Xintiandi, and since 2012 the business is directly managed.
Today the DOS network in China includes 4 stores in Shanghai, mostly located within high-end
malls and shopping centres (in Xintiandi, Kerry Parkside, Raffles City Mall and Takashimaya).
MOLESKINE: APAC mall DOS format - validated examples
CLUSTER Cluster A - Tier 1 Cluster B - Tier 2
LOCATION Xintiandi Kerry Parkside
MANAGED SINCE August 2012 August 2012
SIZE 9sqm 21sqm
REVENUES (JUN-DEC 2012) € 43,296 € 21,055
REVENUES PER SQM € 11,546 € 2,406
Source: Company data
MOLESKINE: 2012 retail sales by region MOLESKINE: 2012 retail sales by product
Source: company data
APAC
7.1%
EMEA
92.9%
WTR
39.5%
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PAPER
60.5%
IPO
04 March 2013 ◆ 31