Moncler Group increases H1 sales and profit

Moncler Group’s revenues of 1,230.2 million euros in the first half of 2024, increased by 11 percent at constant exchange and 8 percent at current exchange rates. In the second quarter, group revenues were 412.2 million euros, up 3 percent.

Moncler brand revenues were 1,041.3 million euros in the first half, up 15 percent cFX and up 11 percent at current exchange rates. In the second quarter, the brand achieved 5 percent growth at cFX driven by the DTC channel, which was up 8 percent.

Moncler Group reported an increase in EBIT to 258.7 million euros with an EBIT margin of 21 percent, while net result improved to 180.7 million euros in the first six month period.

Commenting on the company’s performance, Remo Ruffini, chairman and CEO of Moncler S.p.A., said in a statement: "We are very pleased with the solid set of results we delivered in the first half of the year amid a generally complex operating environment for the luxury goods sector. The global macroeconomic context is highly volatile and unpredictable, and industry trends are seeing a continued normalisation.”

Highlights of Moncler brand’s results

The company said, in Asia, which includes APAC, Japan and Korea, Moncler brand’s first half revenues were 513 million euros, up 19 percent, and in the second quarter, revenues in the region grew by 6 percent, driven by strong growth registered in Japan, supported mostly by tourists, as well as by the positive performance of the Chinese mainland, notwithstanding the tough comparable base and the increase in Chinese consumption abroad. Korea and the rest of APAC showed softer trends.

EMEA recorded revenues of 380.6 million euros, up 12 percent, while in the second quarter, revenues increased by 6 percent. In the first half, revenues in the Americas increased by 8 percent and the second quarter revenues in the region were down 1 percent, with the positive performance registered in the DTC business offset by the decline in the wholesale channel.

In the first half, the brand’s DTC channel recorded revenues of 875.7 million, up 19 percent, while revenues in the second quarter increased by 8 percent. Comparable store sales growth was 14 percent compared to the first half of 2023. The wholesale channel recorded revenues of 165.5 million euros in the first half, a decline of 5 percent. In the second quarter, revenues in this channel declined by 5 percent.

As of June 30, 2024, the network of Moncler mono-brand boutiques comprised 277 directly operated stores including the conversion of Macau Four Seasons and the opening of JiNan Mixc in China. The Moncler brand also operated 56 wholesale shop-in-shops.

Review of Stone Island’s performance

In the first half, Stone Island brand revenues reached 188.9 million euros, a decrease of 5 percent. In the second quarter, revenues for the brand amounted to 75.9 million euros, down 4 percent.

Brand’s revenues in Asia, which includes APAC, Japan and Korea reached 46.7 million euros in the first half, growing 27 percent. In the second quarter, the region grew by 27 percent, driven by the strong performance of Japan and solid growth in APAC. The company added that EMEA, which continues to be the most important region for the brand, recorded revenues of 128.9 million euros, a decrease of 12 percent, while the second quarter revenues were down 11 percent.

In the first half, revenues in the Americas region were down 21 percent and second quarter revenues declined 15 percent.

In the first six months, the DTC channel revenues reached 92.6 million euros, up 29 percent, representing 49 percent of total first half revenues. In the second quarter, revenues in this channel were up 27 percent. First half wholesale revenues of 96.3 million euros were down 24 percent and second quarter revenues declined by 28 percent.

At June 30, 2024, the network of Stone Island mono-brand stores comprised 85 directly operated stores, including the opening of Vienna Kohlmarkt. The Stone Island brand also operated 13 mono-brand wholesale stores.

The company’s board has approved the distribution of a gross dividend of 1.15 euros per share.