Paying €1,000 ($1,374) for a down-filled jacket is a fashion statement of some magnitude. Paying 24 times 2012 earnings for the company that makes it is an even bigger one. Moncler's shares were richly priced even by the standards of luxury-goods firms when they made their debut on the Italian Stock Exchange at €10.20 on December 16th. They closed on December 30th at €15.80, valuing the company at over €3.9 billion and making its boss and main shareholder, Remo Ruffini, a paper billionaire. It was Europe's most successful initial public offering of 2013.
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