In the first quarter of 2021, Moncler recorded revenues of 365.5 million euros, an increase of 21 percent at constant exchange and of 18 percent at current exchange rates. Compared to the first three months of 2019, consolidated results registered a 2 percent decline at constant exchange rates.
Commenting on the first quarter results, Remo Ruffini, Moncler’s chairman and chief executive officer, said in a release: “We finalised the acquisition of Stone Island on 31 March. Now, we are working together on bold plans to develop the group, all with a clear goal in mind: to enhance our brands’ identities, honour their uniqueness and, at the same time, build a solid framework to support their evolution and future development. The coming months will be crucial for the many projects that we are working on right now.”
Moncler posts strong growth in Asia and the Americas
In Asia, the company’s revenues increased 53 percent at constant exchange rates, with a positive contribution from all three regions: APAC, Korea and Japan. APAC, Moncler said, almost doubled its revenues in the first quarter due to exceptional growth in the Chinese mainland and positive performance in the other main markets, Hong Kong SAR, Macau SAR and Taiwan.
EMEA excluding Italy reported a decrease in revenues of 15 percent at constant exchange rates in the quarter driven by the restrictions imposed by the various national governments to contain the pandemic and by limited tourist flows, while local demand continued to grow. France and the United Kingdom were most impacted by the restrictive measures.
Italy registered a 16 percent decline in the quarter, affected by the store closures imposed to limit the spread of Covid-19 and the absence of tourists. The Americas recorded an increase in revenues of 34 percent at constant exchange rates, demonstrating positive performance across both channels and the two main markets.
Moncler’s Q1 retail revenues up 22 percent
Revenues from the retail channel were equal to 279.2 million euros compared to 236.3 million euros in the first quarter of 2020, increasing 22 percent at constant exchange rates. This result was led by strong performance in China and Korea and growth of e-commerce in all markets, particularly in North America and Korea.
The wholesale channel recorded revenues of 86.3 million euros compared to 73.8 million euros in the first quarter of 2020, up 17 percent at constant exchange rates driven by the positive reception of the spring/summer collections and by important re-assortments. The online wholesale channel (e-tailers) also witnessed strong growth.
As of March 31, 2021, Moncler’s mono-brand distribution network consisted of 221 directly operated stores, increase of two units compared to December 31, 2020, and 63 wholesale shop-in-shops. In the first three months of 2021, Moncler converted a wholesale store into retail in Canada and opened a DOS in Japan.
The company also announced that its board of directors designated the newly appointed director Carlo Rivetti as manager with strategic responsibilities of Moncler Group.