Moncler achieves three times the sales of Canada Goose, with almost six times as many stores. This is only the first factor to explain the enterprise value of the former, twelve times that of the latter: EUR18 billion for Moncler, versus $2 billion - in Canadian dollars - for Canada Goose.

The Italian company's growth track record is far more encouraging, with sales and operating profit up 16% a year on average over the last five years. For the Canadian company, annual growth is only 10% over the period, while operating profit is declining. This is one of the reasons behind yesterday's announcement of a massive layoff plan.

Moncler is similarly superior in terms of return on capital. While Canada Goose's return on equity is on paper slightly higher than the Italian's - 25% versus 22% on average over the last five years - it must be stressed that Moncler is overcapitalized, with a large cash surplus.

The situation is more precarious at Canada Goose, where net debt is more than twice EBITDA. Once again, a clear victory for Moncler, since its capital performance is comparable, while it operates with much greater comfort.

Cash flow is plentiful for the Italian company, which favors dividend payouts and could double them again if it put its expansion plans on hold. Canada Goose, on the other hand, is more compressed, as it manages its working capital less well and favors share buybacks.

Over the last five years, Moncler has returned almost EUR800 million to its shareholders, compared with $300 million for Canada Goose. As a proportion of sales, the two companies are on a par. The significant difference is that Moncler did not have to take on debt to finance these returns to shareholders...

Despite these clear differences in performance, the two companies are valued more or less similarly: x20 operating profit for Moncler, versus x18 for Canada Goose. The former is in line with its ten-year average, while the latter has fallen severely from its pedestal, since its average used to hover around x35 operating profit.