Good evening. This is the Coruscalo conference operator. Welcome and thank you for joining the Moncler Full Year 2020 Financial Results Conference Call. As a reminder, all participants are in a listen only mode. After the presentation, there will be an opportunity to ask questions.
At this time, I would
like to turn the conference over to Ms. Paula Durante. Please go ahead, madame.
Thank you, and good evening, everybody. Thank you for being here tonight with us to comment our Full Year 2020 Financial Results. First of all, as usual, let me introduce you to the executive team on today's Our Chairman and CEO, Mr. Remo Ruffini Luciano Sante, Chief Corporate Supply Officer Roberto Ex, Chief Marketing and Operating Officer. Before starting the presentation, I need to remind you that this presentation may contain certain statements So that are neither reported financial results nor other historical information.
Any forward looking statements are based on Moncler's current Presentations and projections about future events. By their nature, forward looking statements are subject to risks, uncertainties And other factors that could cause results to differ even materially from those expressed in or implied by these statements, Many of which are beyond the ability of Moncler to control or to estimate. I also remind you that France has been invited to participate in this conference Let me now hand over to our Chairman and CEO, Mr. Remo Ruffini. Remo?
Good evening, good evening, everyone, and thank you for attending the Moncler conference call tonight on our full year results. This is a moment that I like because it is when we review altogether what we have done, what we have achieved And what we are going to do? And tonight, I look at it more closely. 2020 has been challenging, but at Moncler, We have worked together to turn this challenge into an opportunities. Since the COVID-nineteen outbreak, Our first priority has been to protect our people.
And in doing this, we have also worked to reinforce our brand, Our community and each sense of belonging. We immediately focus on the most important project, While postponing all those not essential, accordingly, our commitment to sustainability And to digital has remained unchanged, 2 main pillars of our strategy. We've also been forced To evolve our marketing strategy, our CRM approach, we have been able to reach exceptional results Like the 7,000,000 viewers 7,000,000,000 viewers, sorry, of the Moncler Bubble App Challenge on TikTok. And more than 60,000 private appointment organized during 2020, While online achieved 15% of our sales, we opened our flagship store, our new flagship stores In Paris in Champs Elysees, a store that embodies the essence of our brand strategy. And In December, Stone Island joined Moncler, marking a milestone moment in our group's History.
With Stone Island, The Moncler Group reinforced its presence in the growing new luxury segment, which is about community, experience and contamination. It is beyond luxury. And very important, A comment on our 2020 financial result. Of course, they are Far from what we were planning even only 1 year ago. Nevertheless, I believe today we are reporting extraordinary achievements.
11% revenues decline in the years With the 4th quarter up 8%, 26 EBIT margin, last but not least Almost €100,000,000 of net cash generation. These results tell us that Moncler is strong And that our business model is flexible, agile and most important reactive. Looking ahead, I still see a lot of challenges for the global economy and for the sector. The 2021 outlook remains uncertain and difficult to predict. We are still experiencing important lockdown.
Travelers continue to remain low and the development of the vaccine campaign is Still uncertain. This is the time to act even bolder, to stand firm on our strategy And to invest on what is crucial for the long term development of our company. We started to work very well with the people of Stone Island. In 2021, we still established the basics. The development guidelines are clear, clean and well defined.
For what concerns Moncler, We complete the internalization of our recorders, finally launching Launching our new website. China will become even more of a focus as well as clienteling With a strong attention on locals and new locals, Genius 2021 will evolve Becoming a media hub, and the building will be its broadcasting studio. We'll explore Every platform on which you could experience it. In 2021, Moncler Genius will come to you. All this cannot be reached without a superior product.
We proceed investing in research, technology, Sustaining material and processes, our commitment to you remain unchanged. We will continue to push for higher peaks. Thank you very much. And now let me now hand over to Roberto and Luciano. Thank you.
Thank you, Remo. Good evening. I'm very happy to have the possibility to comment the 2020 full year results. Let's start by the key highlights. As you have all noticed, despite a significant decline in traffic due to measures To contain the COVID pandemic, the 2nd semester 2020 has shown very solid recovery for Moncler, Confirming Moncler Brand's strengths and efficient business model.
Revenues declined by 11% at constant exchange rates, While Q4 revenues boosted by China and online increased by 8%, retail revenues declined 12% during the full year, But with a strong recovery in Q4 with a +5 percent at content exchange rate. Full year Comp performance was at minus 18%, but with a 9 minus 9% in the second half of the year. Wholesale revenues declined by 5% at €351,000,000 Etailors and very strong reorders Boosted performance in Q4. We performed at +31 percent during the last quarter of the year. EBIT For the full year was at €369,000,000 with the margin on sales at 25.6%.
Remarkable results on H2 EBIT margin that reached 39% versus 36 point 8 in 2,000 in the 2nd semester 2019, thanks to a strict control on expenses and flexible supply chain. Net income reached €300,000,000 with the margin on sales at 20.9% versus 22% in full year 2019. We benefited from 13% tax rate in 2020 due to trademark fiscal recognition pursuant to the August decree. Concerning net financial position, we reached €855,000,000 net of net cash Versus €662,000,000 at the end of 2019. This includes lease liabilities for €215,000,000 of net cash Versus €23,000,000 at the end of 2019.
Let's move to the revenue breakdown by region. Moncler recorded A very strong recovery in the last quarter of the year with acceleration in all regions. Q4 2020 revenue rose by 8%, Bringing full year total revenues at €1,400,000,000 Asia rose by 26% in Q4 Full year at plus 2%, driven by an outstanding acceleration of Mainland China at more than 60% during the last quarter of the year, followed by a solid double digit growth in Korea and in Japan. EMEA suffered from 35% of the store closed during the last quarter of the year. But despite that, the revenue only decreased by 13%, Influenced, as I was mentioning, by the lockdowns in November, especially November December, Northern Europe, so Scandinavia, Russia, Benelux and Germany outperformed the rest of the region with a positive growth during the Q4 of the year.
Performance in Italy remained difficult, probably the country most affected by lockdowns in Q4 and the lack The Americas recorded a positive 5% growth in Q4, driven by robust performance both In U. S. And Canada and both in wholesale and retail. Let's look at the revenue breakdown by distribution channels. In Q4, Moncler performance accelerated in both channels, driven by China and the online.
Retail revenues turned positive in Q4 with a plus 5%, notwithstanding the decrease in traffic in the region. Com store sales Was at minus 9% during the second half of the year, while we had a minus 30% in H1. E Commerce recorded a very strong double digit growth Close to the growth that we had in China. Wholesale revenue decreased by 5% in full year with a double digit positive performance in Q4 at +31%. This was supported by higher in season reorders for the fallwinter and a different timing in fallwinter deliveries.
If you remember, the results of Q3 were at minus 6% and the last quarter of the year plus 31%. But if you look at the total result of H2, it Was still positive at +4.5 percent. Etailor significantly outperformed the rest of the channel. Let's move to the brand, mono brand store network evolution. As mentioned by Remo, December was marked by 2 very important openings.
The first one was the store in Champs Elysees. We'll come back to that in a few charts. And the Sandd, which is the largest flagship store that we have in the network. And the second one is the opening of our first Retail store in Spain in Barcelona both performed extremely well during the month of December. We have already secured 15 U.
S. Openings for 2021. Monobrand wall sales counted 63 locations at the end of 2020, 1 unit less In 2019, but this includes 5 conversion of old TransFood corners In North America that were converted from wholesale into retail. Let me highlight some of the key challenges and trends that we have been During the course of 2020. I must say that these trends were already there, but the COVID pandemic has just accelerated It's very important sector trends.
The first one is the digital science. The second point is the China relevance. The third one is the client knowledge and relation centricity. The 4th one is the casualization. And the 6th trend that we have The sustainability.
We are the Moncler way to address those important challenges and change that we are noticing in the market. The first one that was mentioned by Remo during his speech is evolution, this very strong evolution in what we call new luxury, A luxury that is going beyond the traditional boundaries and codes. A new luxury that is focusing on community experience and contamination. The second is our very strong engagement with locals and new locals, what we call new locals are the travelers that Back that I don't have the possibility to travel anymore and that we have been reactivated with strong Private appointment during the year and distance sales. The third is the e commerce acceleration.
We have been lucky to start With retail excellence already 6 years ago, these have been the founding pillars of our retail strategy on which we have been adding the omnichannel Since 2018 and this has really been performing during the year 2020. We are also approaching the market with a new communication strategy Regarding Genius and we have been now embodying and integrating sustainability across the full organization and the full value chain. What are the key projects for Moncler for 2021? We are highlighting the most important ones, and we'd like to focus on 6 of them. The first one as mentioned was already by Remo is the China focus.
We have had a very intense work that has been done during the year to activate New locals, so these travelers, these Chinese that were traveling abroad and buying abroad, and we have been able to reactivate almost 40% of them during the year. Thanks to clienteling action. And these, I'm giving figures that are broader than just China because this has also been The focus that we have had in Korea, in Japan and in Europe and Americas, we have conducted more than 60,000 Private appointments during the year and more than 25,000 distance sales. These have been able to generate for us close to €100,000,000 turnover that we see as additional turnover, the store being closed. We are going to focus also on digital communication for China with a dedicated website that will be launched in September this year, and we will continue our program with WeChat Mini program.
We have also and this is something that we started before the start of the pandemic, strong project on retail regarding flagships. We have in 2021 the opening of Hangzhou, MiXI, Chengdu Swire, Vuan, Dalian, we will refurbish Beijing Sailing Tong as a flagship store and we have signed for Plaza 66, The largest store that we'll have in China with the opening that will that is planned for early 2022. And finally, the Gruner pop ups. We see the Olympics in Beijing 2022 as a fantastic Opportunity to leverage on the DNA of Montclair and we are currently planning for a large number of grown up pop ups That will start in December this year and at the beginning of 2022 in the main mall and location in China. 2nd point of attention and project for us, it's the e commerce acceleration.
As we mentioned, the performance in 2020 has been extremely good, but we have we're even more ambitious than that. So we will continue with the e commerce in sourcing. We have been successfully launching North America in September 2020 and we are currently working for the insourcing of EMEA That will be followed by Japan and then China. The new website will be launched by June. As we already mentioned is The website that is inspired by your concept of fluidity and coming more from the entertainment industry.
So we think that this will be a breakthrough in our approach to consumers. And we are going to focus on KPIs improvement, especially on returns by Developing and we are currently working on that specific sizing elements on the website To facilitate and improve these very important KPIs. 3rd element is the new communication approach. We are going to transform Monster Genius Into a media hub. We have already started and opened our studio here.
We are working and shooting for the new website. And we'll be moving from still life shootings to have more model dressed, and we are going also to introduce gradually more videos. We will continue with the digital approach that has been very successful. And the event that was usually taking place in Milano will be an international event that will touch 4 cities with the main one being located in China. We will We are planning for this event, a very important event in September 2021.
The last point is the focus on sustainability on which we have been working a lot that That will start communicating much more in the future. Both project is to reinforce the omni channel. I already disclosed the figures of the very important activities that we have had in 2020. As we don't foresee Travelers coming back to normal before 2023, but we think that the tourism will come One day back, we foresee a start of return by Q4 of this year. We'll continue to reinforce our distance sales and private Appointment strategy.
Wholesale utilization will continue. We have signed at the end Of 2020 selected distribution agreements with our wholesale distribution, we have further decreased by 100 new units The number of accounts that we have in wholesale and we have started negotiation with the e tailers Move them into e concession. Point number 5, product. Product, we see 3 big trends on which we believe we are well placed. The first one is casualization.
The second one is personalization. The first one is Concerning sustainability, we have launched in November this year our collection Born to Protect fully sustainable And we'll continue by introducing also in the indigenous collection, a very strong part of sustainable elements. We are going to continue leveraging on the casualization trend, which is part of the DNA of Moncler. And we will launch a personalization project in September 2021 in our store in Champs Elysees that will be followed then by an online presence in 2022. We'll continue also to work on the recycle of our garments.
But as you know, we have Very little leftovers as our strategy, our commercial strategy is based on scarcity. Finally, point number 6 is Stone Island. Stone Island is a fantastic opportunity to leverage on what has been made in Montclair, but turn it into a Stone Island way. We want to strengthen the position in the new luxury segment. We are currently already working in the integration of conference function And we will transform the business model in a more direct to consumer approach.
To finish to picture to show you the 2 last opening of The first one is Champs Elysees, the largest store that we have in our network. It's 1600 square meter store, Gross square meter net selling surface is $11.60 This store embodies The values of Moncler and the DNA of Moncler with the digital and immersive rooms on the ground floor, What we call Refugio, which are VIP modular elements that are that we can turn either privatized or use it at the normal shop floor. With the personalization that will be launched, the room is already ready in September 2021. Last, The opening of the Spanish market for us, finally, Barcelona that opened at the end of November, Very successful start. I remind you that we had another country opening.
We opened Kyiv in Ukraine at the beginning of 2020. I'll leave the word to Luciano to comment the financial figures.
Okay. Thank you, Mertu, and good afternoon, everybody, and thank you Thank you for attending our call today. So we are now at Page 11, where we report as usual the Skinello of the year and the comparison with the year before. The profitability we show in this slide is Good. Honestly, I would say very good.
If we think of the results and the mood at the end of First half of the year when for the first time in our life, we reported a negative operating margin for EUR 35,000,000. So now we report EBIT of €368,800,000 with A generation of operating margin of over €400,000,000 thanks to a very Strong top line and acceleration of sales, as Roberto said, in the second half of the year, Starting from September, higher sales generated better sell through And lower inventory and no need of any write down Inventory was down after the extraordinary €30,000,000 write down we reported, as you Remember, in the first half of the year. So gross margin is it was 75.6% As compared to the 77.7 percent of last year, but totally due to the EUR 30,000,000 gain additional And to the slide, we report in the appendix at Page 21, where we report the breakdown of our income statement between the first In the second half, the profitability of the second half, as Robert anticipated in the first slide, It was very good and totally, totally in line with the profitability we reported in the same period of last year, even a little bit better Because but because we decreased as you know, we made the strategic decision at the beginning of this year.
We decreased Our marketing budget, because of the situation, stopping some Very important, but not urgent, marketing events and slowing down our media buying Activity. So again, gross margin was very good in the second half and at The end of the year, 75.6%. No particular comments on the other lines unless You will have questions later. I will be more than happy to answer your question. One important comment I To make is about net income and the benefit coming from the tax rate that was Unusually very low, 15%.
Last year was already very low because of the Last impact of the Patent Box. And as we said at the beginning of this call, we took advantage of a tax law It came out in August in Italy that allows the companies to align the tax value of their assets The book value, if they are different, and this was the case for Montclair for the trademark. So Based on accounting principles, we reported in the taxes the benefit of EUR 55,000,000, Which is an economic benefit that will produce cash benefits over the next 18 years. But again, the economic impact is totally reported in the P and L this We can move now to Page 12. Page 12, we report the CapEx.
You may remember that last year Before the outbreak, our plan was to spend in CapEx about $130,000,000 Then We decided and we communicated to the market that we had a cut of 30% net budget. At the end, we Ended up with the EUR 90,000,000, which is exactly what we expected to do. €90,000,000 for in part allocated to distribution or to the Retail expansion and the EUR 35,000,000 growing The component in our what we call infrastructure, which is mostly information technology, logistics, and this year more than ever, but Not only this year, also last year, the important project of insourcing our e commerce. Let's move to Page 15 now. Net working capital, 11.5%, Not so well as it was last year, but of course, we are talking about the year On which the inventory was for the reasons we do very well was Much higher than last year, even if the amount we reported here is less than the 30,000,000 Write down, must still the good product we didn't write down, but we decided to carry over 2020 1 was still bought last year.
So we have a higher inventory, Apparently, higher receivables, apparently, I mean, the number is much higher than last year, but There are 2 components in this number. 1 is the wholesale business component, which is totally in line on a percentage basis with the last year Total and full control of our wholesale credit. The other component It's a positive and favorable component due to the concession business that we do in department stores mostly in China, where we collect the money the month after. So this is the result of the very, very strong Concession business we developed in December and mostly in China, but the money was collected in January. So overall, honestly, not well as much as last year, but I will say still very healthy Working capital.
Next page, please. Net financial position. At the end, we report EUR 855,000,000 cash, which is almost EUR 100,000,000 cash generation during the year, which is, I will say, a remarkable result. Again, most of the result has been developed in the second half of the year. Next page, please.
Balance sheet, nothing to say, honestly, unless again, you have questions later. And last slide, the cash flow statement where we report all the business components we discussed about In the call, important to highlight the net working capital that was higher, the impact was Last year for the reasons I told you, the change in other liabilities, which is unusually very high, but it includes the 50 €5,000,000 tax benefit that will produce cash benefit over the next So this year, we reported the economic benefit, but still a tax credit. So at the end, the €8 €75,000,000 with the €193,000,000 change in net financial position. After the results, an update, a very quick update about the Stone Island transactions. We have completed the confirmatory due diligence with no exceptions at all.
We are expecting Soon, hopefully, the antitrust approval. And I mean, we are very confident and we Expect to have to hold the EGM at the end of March And the closing right after the AGM by the end of March in order to be able to Start integrating and consolidating Stone Island Business from April 1, So from the beginning of Q2. Next slide. Very, very important The slide that would require a lot of time to discuss about, but just a few comments, but Happy to answer your questions. We presented in October November actually Our sustainability plan, which is a call which we call the Montclair born To protect, that is based on 5 main pillars.
1 is the climate change and our commitment To reduce year after year the carbon emissions, not only the carbon emissions, We are responsible for in our sites, but also in all The value chain of our business model. 2nd pillar, I think, circular, which is about usage more and more of sustainable raw materials starting from nylon with a commitment To use by 2025, 50% of sustainable nylon And then to recycle as much as we can for a project that already started that is doing very well, also The Finnish coats after their normal life in the stores and in the outlet. 3rd pillar is the fairness, which is the base of any relation we have with anyone, but Specifically also with our supply chain suppliers,
which
We pretend we require them to be fair as much as we want them to be With their people and to develop a stronger partnership with them. For Pillar and Hercogenius is about diversity and inclusion, which is something embedded in our Starting in our vision, in our values, we have an important value, which is called bring other voices in, To bring other opinions, different opinions, other concepts, and this is the only way To grow and to build a stronger culture. And last but not least, what we call the give back, which is about Supporting communities, donating money, but also and even more important, Sometimes even more difficult time, our time and our employees' time. So I'm done with the presentation, and we are ready now to answer your question. Thank you.
Excuse me. This is the Chorus Call conference operator. We will now begin the question and answer session. At this time, the first question is from Louise Singlehurst from Goldman Sachs. Please go ahead.
Hi, good evening everyone. Thank you very much for the information so far and taking my questions. I wonder if I could take the opportunity to ask The first question for Mr. Buffini, please. You kindly talked about the change in approach to customer engagement.
I wondered if you could take this opportunity to summarize the key one or two points as you look back on 2020, the surprises to you both in terms How the business has reacted internally, but also from a customer perspective and any particular surprises by nationality, cluster, Demographic would be really helpful. And then secondly, with regards to online, obviously, with the internalization of all the e commerce activities, which is underway, I wondered if you could provide us with any examples or anecdotes of how you think this is really enhancing the customer engagement. I don't know if there's any Example specifically for the U. S. That you might be able to share with us, which may also give us a bit of a feel of what's to come from the other regions going forward.
And then finally, my last question, just in terms of the e concession model, which you highlight again with online and the direct relationship with Farfetch. Is there any particular region that you think the e concession model can really help expand Moncler and Moncler's engagement above all the others. And I wondered if you could talk about the margin dynamics of the e concession model as well. Thank you very much.
Yes. As you know, the world was changing. Since March, it was really quite sad to not able really to react this lockdown, especially in Italy Quite tough, the mood of the people around. Having said that, we say we have to do something, we have to change the approach, we have to be really Keen to give a lot of energy to our people, to our customer, to our everybody. Having said that, we realized soon that the market was changed, But not traveling anymore.
Then the e commerce was very important. The relation with retailers was super important Because at that moment we thought it was the early chance to have relation with our customer. Then after that we start to have a different approach in terms of clienteling, in terms of relation again with from the store to the client. And then we realized after Few weeks that the market was changed. Basically Europe was actually locked down.
There is no any more tourists. There is no any more energy. We realize that all the Far East, all the Asia was very interesting, very strong, especially China, as well Korea and Japan at that moment, but a big surprise at that moment was United States was quite Successful all the period until basically end of October before the election, I think America was quite surprised for myself. Having said that, the way to work was basically totally, totally different because we start really talk with the customer Through different tools, we start to have our communication was again totally different. We have a relation with the customer with What we call voices with the new project, we start talking with the people in the company with the new project through Instagram, to our in In house network, the world was changed.
I think the relation is still very strong. I think the numbers reflect What we did in the last years, basically, the last 10 months 9, 10 months. But we're really confident that we have in front of us another year that could be more or less like 2020. But I feel now we have better ideas and better feeling to react of this situation. I think Roberto can go into the details.
And thank you.
Good evening, Luis. Regarding the question You raised the first one on our approach on clients during the pandemic. I think that All the work that has been done over the past 5 years to develop well defined and rich Database, the fact that we have provided tools to our sales force more than 1500 people and that we have been empowering them to do Clienteling action has been really key. I think we had prior to the pandemic already all the, let's say, the substance, The basis to leverage and clearly there was a demand from consumer not having the possibility to come into the store to stay in contact with the brand and It has been a communication that has been going both ends, us calling us and us calling them. So This 60,000 action that I was describing, the fact that we start introducing already from March, distant sales With videos showing the collection, leveraging on what we call our preferred client has been a key factor of success Of the sales that we have had and the acceleration we have seen at the end of the year, the database, the enriched data With more than 3,000,000 clients that we have now has been an asset, incredible asset in the performance that we have had at the end of the year.
And we think we Go even beyond that because we don't have for the time being an omnichannel that is including also Let's say, the connection with all the stores and so on, and this is something that is going To be in place when we will launch the new website and we finalize the internalization with YNAP. So this one pull inventory is something That we are going to start leveraging from June this year and will be probably another step in the possibility to give a better service to the consumers. Regarding the demand on different nationalities, the start of the year with the closure in February March of a lot of store of China has Decreased the weight of Chinese during the first half of the year, but there has been an incredible rebound and very successful actions that we have Able to take on the Chinese market during the second half of the year and especially last quarter of the year. And at the end, the weight that we have on our Chinese consumer It's absolutely in line with what we had in 2019. Even slightly, we gained 1 Percentage points on the weight of Chinese.
So the reactivity of China and our Chinese organization has been extremely good and extremely efficient. Our Korean market performed very well throughout the year despite the fact that onethree of The business in Korea is usually done with travelers. We have no travels in Korea during the year, but we have been able to grow positively Quarter after quarter, even in reaching a double digit growth in the last quarter of the year, so An extremely good performance. And here also, the weight of the Korean has increased by 1 percentage point. Performance of the Japanese has been in line with the global performance.
Americans have also performed very well With the positive growth at the end of the year with this plus 5%, I must say that the performance was even stronger during the month of October. We had a very Strong double digit growth in October and then with the election, there was a little bit more bumpy towards the end of the year and with a strong recovery at the end of December. So these are for the main nationalities. Then globally, our business has become more of a local business During the year, usually we have if I'm taking international travelers, that represents 35% of the total and then we have another 15% for local travelers. So for example, the German that are traveling to France or the Italians that are traveling To Switzerland, these are called local travelers.
The local travelers is 15%. So the local travelers, we have had some traffic this year. But the, I said, international travelers, they decreased by more than 70% this year. And if we look at the last Quarter of the year, that decreased by 90%. So I think all the action that we have been able to take during the year On the local client that we have, the activation is what has been paying off during this year.
And I see the return of, Let's say international travelers are something that is going to come on top of the current growth. I think This refocusing on local client is something that we have been pushing since 5, 6 years. And this has been a year that has been really seen Some concrete sign of success. Regarding the concession, I think it's difficult for the time being To give you some elements on the commercial negotiation because they are not finalized, we don't see that something that is going to be dilutive for us. We see that as an opportunity to get better control of the image of Moncler and the brand.
We consider this as a very important channel, one of the most important channels, and we want to be working together as a partner with The details on this, I think that the potential on this channel is strong. We think that we can double the business With details within the next 3 years. And so we will start. We are currently negotiating with them, and I think we can probably Disclosed some positive comments during the first half of this year, but it's still a little bit early to say more than that.
That's really impressive. Thank you so much for all the information. Thank you.
The next question is from Susie Tibaldi with UBS. Please go ahead. Ms. Tibaldi, we cannot hear you. Maybe you're muted.
Thank you for taking the question. Hello, can you hear me now?
Now yes, Susie, we missed you. Hello?
Okay. Perfect. That's strange. Okay. Thank you so much for taking my question.
So clearly, you had a very strong end of the year, and I wanted to check if This kind of positive trend have also continued in the 1st part of the New Year. Obviously, still very early days and still a lot of disruption. So any comments there would be quite helpful, maybe some trends that you've been seeing in Chinese New Year. But also I was wondering, If I'm not wrong, Q1, January is the most important month. Could you remind us how much in terms of weight it represents In Q1 in a normal year.
And then a question on the retail KPIs. Obviously, it is a little bit unfair to compare Previous year because we had a lot of store closures. But I was thinking, especially in Q4, If we just look at the stores that have been opened, how would you say the KPIs compared In terms of store productivity, so the number of units per transaction, the selling price, I can imagine that the conversions have gone up, But perhaps you had some restrictions in terms of how many customers were allowed in the store at one time. So just To see how the KPIs compared. And then just to follow-up on the question on the e tailers.
So it sounds like it's you think you see it as a very important channel. And I was Just wondering, given that now you're internalizing your own e commerce, how do you think about the balance between your own e commerce and these e concessions? I mean, wouldn't it be beneficial to maybe also
to your margins to convert some
of those econcession sales to your own e commerce or how do you think about these 2 different channels? Thank you.
Thank you, Susie. I don't know if I would be able to answer to all your questions because you have some quite detailed questions. Let's start with the current trend that we have been experiencing. I cannot disclose the weight of January, but as you can imagine, January is more important than March. In our sales, we started well with a trend that is in line with the performance that we At the end of the year, difficult to give a real true picture On the Chinese New Year, as you know Chinese New Year is usually we look at it in 3 different steps: the 7, 10 days before the Chinese New Year, the week of the Chinese New Year and then the follow week after the Chinese New Year.
As you know, The basis of comparison is a little bit tricky because last year Chinese New Year was on the 25th January And most of the Chinese or a lot of Chinese were still traveling abroad, so buying abroad to bring back the gifts at home. This year, It was on the 12th February. There have been some restriction in China and the government has pushed, has recommended to Chinese not to travel to their home, town or village. So there was less opportunity At the same time, last year December last year in February, a lot of stores were closed. So clearly, when you see the current performance that we're having, it's a very strong triple digit growth that we have in China.
But you need to more to compare the results towards 2019 Then towards the figures of February 2020. Overall, we are satisfied. I think even slightly better than we were expecting at the start of the year. But I think that March will be probably And April, May, June are the good month because there we will have a base of comparison that is an easier one. These unless there will be new lockdowns in So I would say a good start of the year, in line with the performance that we have seen in Q3 Thank you, Fohr, sorry.
Regarding the retail's KPIs, I will try to give you a flavor of it, but Here again, it's difficult to comment. Usually, we don't comment on comp sales per quarter, but You can imagine that with this very strong performance, our performance on comp sales despite Of having 20% of the network closed in December and 10% in November during the last quarter was flattish. So it was a very good performance that we have overall. The net selling surface during the year increased by 10% and the average Store size is getting closer to the ideal, which is we aim to be slightly above 200 square meters. At the year, we increased by 5%.
Sales density has suffered, but if we rework this data by the number and months of closure, we have not been that far from the very good result of 2019. What has been really suffering, and I think this is for all The retail industry with the lockdowns and the measure taken by the different governments is the traffic. So traffic has been to Capiel that has been Mostly impacted, but a big part of this slowdown in traffic has been recovered by a very high Conversion rate. So didn't fully compensate. So at the end, we got some less transaction, but the conversion has been very high.
So which means that The clients that were entering the store were more willing to buy and I hope that also our client advisor have been able also to take advantage of Less traffic to do a more qualitative work. Globally, our sales per transaction increased by 8%. Our unit transaction increased by 1% and the average transaction value increased by 8%. So I think that the retail KPIs with the exception of traffic That has been the the CapEx that has been really impacting the business. Overall, they have been good to very good.
Sorry, you had the last question on detailers, yes. Quickly on that. I think the way we see the retailers business and even if we convert it to concession, I think it's the same like when somebody wants to enter in a mono brand Store you prefer to buy in the multi brand stores. I think both are important. We don't see one as a competitor to other, but It's more something it's a different type of consumer that you're attracting through retailers.
So I think the question here is more how to deliver a better image, Better service, developing also a specific capsule and so on to be an attractive brand also with the retailers or concession. I think it's like saying I don't want to be wholesale. I want to be full retail. I think there is complementary. There are different typology of clients.
Some feel more to buy in a multi brand environment. Some others they want to have the full experience with the mono brand store. And what we would like is to improve on both Internalization of e commerce for the business we're managing ourselves and moving to e concession and developing even more as a partner with retailers.
The next question is from Luca Solca with Bernstein. Please go ahead.
Thank you very much indeed and good evening. You mentioned that you have worked very effectively with Stone Island and that You are now in front of a clear and precise set of actions that you want to take on this business. I wonder if you could elaborate on that a bit. And if you could, in particular, give us how confident you are about the ability of Stone Island of sustaining A direct retail strategy that could potentially shift your distribution over time From wholesale to monobrand stores and to direct to consumer digital distribution. The second question is on customer data.
It seems that you have done an incredible amount of work Contacting consumers directly and offsetting this way the lack of traffic and the lockdowns and so on. I wonder about your strategy moving forward, building up this capability and the actions that you have In the pipeline. And how this compares to what you're doing when it comes to digital Distribution, how much of the client data can you capture through digital concessions, for example? Is that Putting you in a position to have a direct dialogue with consumers or not. And then if you could give us a bit more color on what has been going on with PN consumers and a bit more granularity on the different nationalities and trends you've been facing in Europe.
Thank you very much indeed.
Okay. As you know, we received a lot of offer to buy some company in the near future in the last 2, 3 years, but we always refuse because We never found the right company, the right position in the right idea or what we have in mind to develop this order for the near future. Having said that, when we start talking with Stone Island, we soon realized that it was very, very Similar to our mentality, to our culture, we were very similar with how it was Moncler like more or less 10 years ago. The company is very wholesale. They just The real experience is in wholesale for sure.
I think The culture they have in the company is very strong in term of products, in production. As you know, they are quite unique in this kind of world of Garment dye that is very trendy at the moment, but it's really trendy since 30, 40 years because actually when
Sorry, there is a back to background noise. I don't know If possible.
When they found the company like 40 years ago or 35 years ago, I mean, Rovarino It was found by Massimo Osti. The company was soon very, very successful. And we really felt that this company was really a good company for us to for our mentality, for our way to work. And again, the culture in term of vision, in term of Rigor, in term of distribution, it was very close to Moncler like 10 years ago. Having said that, Talking about retail, basically they're not starting yet.
For sure, as I said before, the culture is very on wholesale, but we're really confident that we can help them now to develop the retail business, but not only, they are quite strong In digital as well, I think to really match the two culture between us and them, I think we're going to really We're really confident, we really trust that we can build up a company very solid, very strong with a very strong brand perception. I give the floor to Roberto just to add more details on that.
Good evening, Luca. Regarding customer data, we have been working very strongly these past years and develop a full set Of services that we wanted to offer. So our team was already trained to get and to be proactive and to contact the client with calls, emails. What we have been having this year, something we are not used to do is videos, live stream videos with groups and so on working also with Small influencer, local influencer to transform and stylist also to transform The sales these remote sales are something more exciting. So this is definitely something that we have been having this year.
Well, I think we can still improve because it's really a learning curve and something we are not everybody feels confident to do. But Let's say the return on investment because part of the marketing budget has been really allocated this year to this very effective tool has been bringing a lot of We believe that this next level of service will be also We will be able to provide it through the internalization of the e commerce, not only the fact of benefiting from the one pool inventory, but also The fact of being able to merge live the data from the website with the database that we have currently is done in a remote way when we are receiving on a monthly Based on data from YOOX NET A PORTER, but this will be done live. So I think this is opening a full set of new services And more informed information is one famous one vision of the client with all the touch points. This Will be something that we will be able to leverage from mid of this year. So we are really looking forward to that.
Regarding your question on European consumers, Overall, for the year 2020, they have been growing positively despite the fact that we have had really A few months of lockdowns in Europe and all nationalities have been growing positively. The best performing Sub region in Europe has been Scandinavia, probably also because they are already more keen To buy online, so it has been also something that has been easier to leverage the same for the Germans. The Swiss also have been performing well. And also the Benelux or the Dutch and the Belgium has been also performing extremely well. But as I was mentioning, All the nationalities, they have been growing positively for us.
Some double digit, the one I mentioned. Some others More flattish or slightly positive, but you can imagine that when we have 4 months or 5 months of lockdowns, It's impacting more of your business. Overall, what we have seen is a business that has been become more local towards the end of the year. The 1st quarter of the year, we were 90% local, which is something unseen before. We were more at 40% Of tourists towards the end of the year, it has become this year because of the land lockdowns, the pandemic and no travelers business that has been much more local.
And all the action that we have been putting in place have been an accelerator of the growth of our local business.
Thank you, Roberto. Can you tell us a word about how you can capture consumer data through Digital transactions, if possible, or
To tell you the truth, LUKA is a topic that is on the table. It's a little bit like when we started to negotiate and move our business from wholesale into retailing Concession, it's always a hot topic where everybody believes that it's his own client. I think that When you find clever paper on the table, usually it becomes a shared data and that is something that you can leverage together It will be even more effective, but it's something that is not sold yet.
I really appreciate your candor. Thank you very much indeed, Roberto, and thank you all. Thank you, Raimo.
The next question is from Anlour Bismuth with HSBC. Please go ahead.
Yes. Hi. Good evening. I have two questions actually. So the marketing to So you managed to decrease the marketing to sales ratio to around 60% in 'twenty.
And I was wondering if we should expect a return to more normalized Marketing to sales ratio in 2021 around 7% of the group sales or given the fact that you have developed a certain level of During the pandemic, it should be in between. So that's my first question. My second question is about the CapEx budget We should expect for our nuclear in 2021. Thank you very much.
Good evening, Anne Laure. Regarding the marketing spend, as I was mentioning, we are really concentrated this year on the most effective Investment with a high return on investment for us, but we want to go back to what We believe it's a normal level of investment with the 7%, especially this year with the fact that we are going to internalize Our e commerce, we want to really focus on this launch and provide The digital team, the e commerce team with the means to become visible and to attract qualitative traffic On our website, so we believe that 7% is the right amount, and we feel confident with this figure. We're not planning We have to decrease it for this year. For CapEx, I'll give you to Luciano.
Yes. Hi, Alor. About our CapEx budget for 2021, It will be it is now higher, significantly higher than the number we reported As actual for 2020, it is a little lower than what we originally planned last year, but I mean it is in the range of EUR 100 €20,000,000 under €25,000,000 Of course, again, as I said before, last year originally, we planned under €30,000,000 And And for the reasons you know we adjusted down debt plan. So we maintain a good strong important degree of We set the priorities for everything, including our CapEx plan. So right now, Our plan is in the region of the EUR 120,000,000 plus million.
And honestly, we all hope to maintain that plan. But again, The way we manage our budget, including CapEx, is to be ready anytime to react to different scenario.
The next question is from Chiara Battistini with JPMorgan. Please go ahead.
I had just a few follow ups, if I may. Firstly, on wholesale and the Trend of wholesale in Q4, just if you could help us understand how much was the timing of the shipments in Q4 And how much we should actually consider as a run rate going into 2021 and in the first half of twenty twenty one? The second question, sorry if I missed that. How much was in the end e commerce sales as a percentage of total sales in 2020? And finally, on the store pipeline for 2021, if you could help us with the number of openings you have planned for Moncler and maybe If you have any color already on Stone Island as well from a Store Pipeline perspective and the phasing we should be thinking of, please.
Thank you.
Good evening, Kiara. Let me come back first on the results of the wholesale. As I was mentioning during the presentation, we had a very strong Q4, but there was a calendar effect in terms of shipment Of the remaining part of the fallwinter and springsummer season. So Basically, we had weaker Q3 with a minus 6% and a plus 31% with some of the shipment that has been She moved from September to October. So I think to have a clearer picture of the performance of the wholesale, you need to look at H2 and H2 was close to 5%, I think 4.5% to be more precise, which means that there was The performance is more linked to the fact that there have been a lot of reorder for the full winter season, Well, we cut it at the beginning of the year some of the orders because of the pandemic, we were not sure and this was in discussion With the wholesaler, we told them that it was maybe better to reduce their orders, not knowing This will be if it was the merchandise will be too much for the end of the year.
And basically, With the reorders that they have put in place, they almost match the cancellation that we have had during the fallwinter campaign. So We have a very sound and healthy situation in terms of stock with the wholesaler. There is no other stock there. In December, we conducted our fallwinter2021, 2022 campaign. And this campaign has been very positive because they came not physically because this Campaign has been run fully digitally for us with just the showroom that we have in Milano and the results have been really positive.
I would say high Very high single digit growth compared to 2020. So we are happy about the same campaign and this is Good sign of the performance of Moncler in with the wholesaler at the end of the year and something that is giving us Some good hope for a good performance on wholesale also in 2021. Regarding the e commerce, It's a figure that was disclosed by Remo in his initial speech. The total weight of the e commerce is 15%. So It has been growing from more than 10% to 15%, so clearly growing faster And the rest of the business.
Did I miss some other points? The opening part. The opening part. We have secured for this year 15 openings. Most of these openings, let's say, 80% of the openings will take place in Asia.
And half of the openings, which is 8 openings, will take place in China and the APAC region. So Clearly, a focus that was already there for us when we were discussing it was pre COVID, pre pandemic In 2019, it was part of the plan. We wanted to increase the footprint of Moncler on the Chinese market. And I think we have been in a way anticipating where the market was going. So we are happy to be to have this possibility to open it.
And most of them will be open between June, July September.
Super. Thank you very much.
The next question is from Omar Saad with Evercore. Please go ahead.
Thank you for taking my question. My first question is for Raimo. I would really like it, if you're comfortable, maybe to talk more about the Moncler as a platform for new luxury, what's your long term vision is For the franchise from this through this lens, what are Montclair's kind of unique competitive advantages to build to be the group that builds Platform for new luxury brands. What's scalable in this platform? What's not scalable?
My second question, I'd like to ask you about price increases. It doesn't sound like there was many in 2020. Some other brands have taken price increases. I'd be curious if price increases, Given the brand strength, obviously, and the great products and becoming more directly engaged with the consumer, I'm wondering if price increases are something we should think about This year and beyond. And then my last question is around cold weather.
As we sit here in New York, there's another big storm. Half of the United States It's in a deep freeze right now. I'm curious if given the buy now, wear now mentality that consumers have, If you're seeing consumers respond to the weather or do most people buy their jackets and coats at the beginning of the season and then wait till next year if they missed it? Thank you.
Hi, Omar. So basically is Was my dream like 3, 4 years ago. When I started Genius, I soon realized that the old luxury world was not anymore part of the And I start Genius because I have the possibility to talk with the young generation. I have a project every year, every month, sorry, I have this unique position. What we call new luxury actually is this Position between the Real Luxury or whatever is, the super big companies Hermes or Chanel, whatever, and let's say, the company is Nike.
I always find I always looking for a position in the middle of these two words. And when I started like 3 years ago, we decide To move a little beyond this with this approach, with this attitude, actually was quite lucky because many companies that I don't want to say they follow us, but they position their company in these areas. I can say Company brand like Balenciaga as well Gucci when they repositioning after the change in management, they really We're very fast in this position. Having said that, when we have the possibility to Think about Stonali, it was one of the few company I was we was interesting in the market. We soon realized that they are not on this Positioning and I think the big chance or the big possibility is to take them on the new luxury world that Could be a big opportunity.
For sure, as Luca mentioned before, retail is very important. Digital is Even more important to really move them there, but I'm quite confident. Think about platform, I don't know. But anyway, this is the positioning of anything we have that we I really trust a lot. I really think Is the next step for a company like Moncler.
Thank you. Good evening, Omar. On the price And cold weather, let me address these two points. Yes, we have planned for price increases in 2021. It's something that we are using also in our strategy to reduce the price gap between Europe And the Asian countries and Americas.
So clearly, we are continuing to in the strategy that We have been able in the course of the past 3 years to decrease by half the price gap between Asia and Europe. We know that we are Completely done on that. And there is some more efforts to be done even now if we are more in the region of the 40s Plus in Asia, and we were more around the 70%, 80% 4 years ago. So An additional effort will be done this year in terms of price increase in Europe. Regarding the cold weather, yes, it has always an impact.
We still Our full winter season because you know that the full winter season is sold during a much longer time for us. We start selling the full winter season already in June And usually, we are selling it until March, April. So yes, it's still a good time for us if it's becoming really cold. Personally, I prefer when the call is coming earlier. If with a cold, very cold weather in December has more impact Then in February because now it's what we call the period where we are moving merchandise and we are increasing of the spring summer.
But clearly, when we have this type of event that are coming, we are very fast in adjusting our visual merchandising And it's something that is very flexible that we're reviewing on the weekly basis with the region. So yes, of course, in U. S, we have Change a little bit the visibility and the presence of the full winter because there is no request.
Thank you. Thank you very much. Good luck.
The next question is from Antoine Riou with Societe Generale. Please go ahead.
Good evening, everyone. Thank you for taking my questions. Just 2 for me. Just wanted to know if in e commerce it was Possible to get a sense of what was the share of customers new to Subram that you had that you have, sorry. And what about the retail KPIs in terms of, I don't know, unit per transaction, conversion, these kind of things In e commerce, is it higher than in physical retail?
And the second question is, just wanted to know if in your view, maybe Paradoxically, but the Moncler business today is probably more resilient and stronger than pre COVID. I mean, maybe with the stronger focus on locals, the forceful development of e commerce, maybe more flexibility on cost With the maybe more viable rents, I mean, in your view, would you say that the business today would be more resilient to future crisis? Thank you
very much. Good evening, Antoine. Regarding the e commerce, it has been our main channel for recruitment of new customer this year. With the lack of openings and the lockdowns that we have had and a lot of stores closed, I think it has Become the preferred channel for recruitment. So I think that this year, the let's say, To see some e commerce, there have been largely more than 70% geared towards acquisition of new customer.
And this has been really positive because it has helped us to balance, while the retail has been much more focusing All the client telling action on activating, reactivating the existing consumers. Usually, the KPIs that we have in terms of average In the e commerce, it's quite similar to the one we have on the retail side, More than €1200, €1200 per transaction. I think where we see more difference Between the Genius collection and the non Genius collection, usually with the Genius collection, we have an average basket that is 25% higher than with the Non genius collection, so with the Moncler collection and usually we have also there a unit per transaction both In store and on e commerce that is higher, we are usually 1.8 For the e commerce in terms of unit per transaction, well, we are more around 1.4, 1.38 For the retail part, for the cost, at least maybe the question to Luciano.
Yes. I mean, of course, we learned a lot, as Everyone during this unfortunate situation, also we learned that we can do better. We can do with less resources even more on the top line, as Roberto Jose, but also on the cost side, of course, during 2020, we reacted immediately to Protect our profitability, to reduce our expenses on the retail side, first, also Sitting together with landlords to renegotiate rents to implement more variable rents. And at the end, One of the most important reasons why our operating profitability in the second half was very, very good was also because We reported in our selling expenses the good results of these negotiations with the total, I mean, for the full year, About EUR 25,000,000 rent reduction. Of course, we got the benefit from the government initiatives To help companies for during the lockdown, during the when the stores were closed.
And I mean, at the end, I think we all, as a team, did a good job. Of course, This year will depend. I strongly hope that we will not have these opportunities. I hope that, of course, Business will not be like it was last year, not in the first half. But as you said that to answer your question about the Whether or not Moncler is more resilient, I think that yes, Moncler is more resilient Also because we adapted very soon to a completely different scenario and at the end we made it.
I We reported the results that speak by themselves. I'm not talking about expenses, of course, only, but I mean everything that Roberto said that I'm not going to repeat, but the way, the different way, the new way we develop our business even when the So, sir, close with our sales people, credit advisers working from their home, the distance sales I mean, the private appointments, the virtual private appointments, so I think that the company now He's, I mean, still at the same, same strategy, same vision, but we showed ourselves that we can work in a different So to answer your question, yes, I think that we have we feel ourselves more resilient.
Operator, I think we have time for one final question, if there is. Thank you.
Yes, we do have another question. The next question is from a Pirro Dedania from RBC. Please go ahead.
So just 3 very quick ones, if I may. On Genius, could you please Share a bit more on what the future of Genius will look like as a media hub. Are we expecting a big launch or will it be a soft launch and the timing around that? And I guess, will you continue to collaborate with external partners under this new vision? Secondly, just a quick one on product.
Has there been any material changes in the product mix Through 2020 as demand has shifted online and stores closed. And then finally, just in terms of your China store network, could you please remind us how many stores you have in China and what you see as the midterm potential for that market? Thank you.
So thank you for the question. I think we have this idea already before the pandemic, but For sure, we're looking for the next step of Genius. And the idea is really change the approach, change the attitude. 10 years ago was good if you have like 300 people of the fashion show. Last year, we have in February, we have in Milano like 10000 to 15000 people at the show.
And I think now is the moment to have 2 100,000,000, 100,000,000 people that are watching your show. I think the idea is based on the broadcasting, it is based on It's really dependent on the pandemic. My idea is to have a totally different approach, not to have, If we can, a physical event, but not in one location, in different location, really based where the designer are, Maybe if it's possible to travel to have the base in China, the idea is to have the base in Shanghai. Having said that, when I have the basic talk as well in Milan, in Paris, in London and maybe I think in New York. And it is really thinking another approach.
I think, when I really talk with the customer in different way, since after we have This good news that we make the last challenge on TikTok, we reached like 7,000,000,000 people that for me was quite something like something crazy. And I realize not I realize, but is the confirm that the world is totally different. We have To have inside your ideas, you have gaming platform, you need to have art platform, you need to have music platform As well, you know, the cinema and TV platform means is really another approach. The idea is really based on that, based on Some physical approach, some physical destination, but to have the possibility to talk with huge community. This is the dream.
The pandemic for sure is a concern, but the project is based on that. The project is based to launch this idea in next September.
Concerning your question on the product mix, I think we have been we have seen 2 steps in 2020. 1st, during the 1st lockdown, when we were selling the springsummer collection, as people really couldn't go out and so on, we have seen a huge increase In cotton, so on, Trico and shoes and slightly less on the outerwear, As soon as the fall winter season started in September and with the very good results of the month of October, We have seen a raise again of the outerwear and especially in then in November December, the outerwear came back to the level it was. So There have been 1 percentage point less of outerwear in 2020. So I don't see really a material change Knowing that the trend and the way we are pushing and developing the collection was anyway in our mind, currently we are 20 5% non auto wear and 75% auto wear. We are anyway looking to move it to a seventy-thirty In the years to come, so no dramatic change that has been seen in the pandemic.
So just During the 1st lockdown, yes, we have seen much more Cut and Sew and Polo T shirt and some that have been sold. Regarding the position in China, we currently have 35 stores. We are going to reach a number of 40 stores by 2022. The point here for us is less the number of store, but more the size and the position of the Stores and the quality of the positions, as I was mentioning, with the opening of Anzu MiXI With the new flagship store that we will have in Chengdu with also Plaza 66 that will open at The beginning of 2022, we are gone and Salutong in Beijing that will be completely transformed into a flagship store. I think this is more the way we want to go and also an interesting concept that we're going to introduce.
We are going to have, let's say, in terms of design and digitalization, What I call a more digital and younger concept in the city of Chengdu that is really driven by young consumer very digitalized And we are going to experience their pilot store in terms of flagship for the Chinese market that we like Probably to replicate in some other location in China. And to close the point on this, I think the other Important way to invest on the Chinese market is not only in physical retail, but it's a lot about also Digitalization. So we are working for 2020 to open a Tmall Luxury Pavilion. I This is going to be another important milestone for us in 2022, the launch of our website With a dedicated website for the Chinese market, it's going to be the only one that is not the same. Rest of the world will have 1 and we will have a dedicated one for the Chinese market.
And finally, the other part that is an important part of the strategy On the Chinese market is the pop ups where we have seen that this has been something that was really successful not only in terms of image but also commercially. So I was referring to that at the beginning and I think that there was a I've been reading that there was a question on the Olympics. Now we are not an official partner of the Olympics, But the Olympics will bring the knowledge and the awareness around the ski and winter even stronger, and we have a fantastic collection that is grown up that Has been one of the fast growing collection within the Montclair collections, and we want to push this forward and use it with the pop ups to create And we expose our DNA to the Chinese consumer.
Okay. So I think that with these three questions, we have to close. So can I just go with the final remark, operator? Let me go.
Yes. So
okay, thank you to everybody I just give you the normal quick reminders. Q1 2021 interim management statement will be released on April 20 So the silent period will start on March 24. The same day we will also have our general Meeting Annual General Meeting. I take also the opportunity tonight to anticipate that to provide you with a larger set of information on Moncler 2020 results earlier than normally required by the regulator, we are going to publish a full year 2020 management The report by the end of February. Annual report will then be published within the term provided by the applicable law as usual, as always.
So thank you to everybody. We've been a little bit longer, but it's a full year results call, so It's due. In any case, for any follow-up, there are a few questions. We have seen it also on the web. We are available, Alici Camotti and myself.
We are here and we remain at your disposal. Thank you and talk to you very soon. Thank you.
Ladies and gentlemen, thank you for joining. The conference is now over