Down Jacket Brand Moncler’s feathers ruffled on stock market
On Monday, November 3, Moncler suffered the devastating effects of a report broadcast the day before on the public TV channel RAI 3 as part of the investigative show ”Report”.
The broadcast exposed the inhumane practices of a Hungarian company that plucks geese live. The report went on to accuse Moncler of having moved production abroad (primarily to Eastern Europe) in order to increase its margins.
The controversy has flooded social networks, including Moncler’s official Facebook page, where many customers expressed their shock. The brand released a statement late in the day, stating, "all the feathers used by the company come from highly qualified suppliers, (...) who are contractually obliged to ensure compliance with the principles of animal welfare."
This has not kept the famous jacket brand’s stocks from being battered on the Milan Stock Exchange, where it finished the session, Monday, November 3, down 4.88% at 10.52 euros. The decline is also due to the fact that Exane BNP Paribas has revised its forecast for Moncler downwards.
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