Moncler brand revenues jump 118 percent in Q2

In the first six months of 2021, Moncler brand revenues were 565.5 million euros compared to 403.3 million euros in the same period of 2020, up 43 percent at constant exchange or 40 percent at current exchange rates, and up 1 percent at constant exchange rates compared with the first half of 2019.

The company said, in the second quarter, revenue for the brand amounted to 200.1 million euros, an increase of 118 percent with respect to Q2 2020 and 5 percent at constant exchange rates compared with Q2 2019, even though the ongoing Covid-19 pandemic continued to impact Q2 revenues especially in Japan and EMEA.

Commenting on the results, Remo Ruffini, chairman and CEO of Moncler S.p.A. said in a statement: “We brought our EMEA e-commerce in-house in May, followed by Japan in July. Moreover, we have reinforced our management team by introducing the role of chief brand officer for the Moncler brand. Furthermore, in April we became a group – and today we announce the first consolidated results of Moncler and Stone Island. The numbers are very good.”

Moncler’s performance across core regions in H1 and Q2 In Asia which includes APAC, Japan and Korea, the company added, first-half revenue showed growth of 59 percent at constant exchange rates with respect to the first half of 2020 and 15 percent on the same period in 2019.

In the second quarter, revenue in the APAC region recorded double-digit growth compared with Q2 2019 mainly driven by the Chinese mainland, where revenue almost doubled compared to Q2 2019. Performance was also driven by Korea, with strong double-digit growth compared to the same period in 2019. Conversely, due to the tightening of pandemic-related restrictions, revenue in Japan slowed in Q2 and was negative with respect to the second quarter of 2019.

In EMEA, in the first half, revenue increased by 10 percent at constant exchange rates compared to 2020 and declined 20 percent at constant exchange rates compared with H1 2019, with an improvement in the second quarter, down 11 percent compared to 2019. Moncler further said that specifically, in the second quarter, the United Kingdom and Germany significantly outperformed the regional average.

At constant exchange rates, revenue in the Americas doubled since the first half of 2020 and grew by 17 percent with respect to H1 2019, with growth accelerating in the second quarter, up 40 percent compared with Q2 2019. The United States drove the region’s performance.

Moncler’s financial results through retail channels

In the first half, the direct-to-consumer (DTC) distribution channel produced revenue of 418.4 million euros: up 44 percent at constant exchange rates compared with the first half of 2020 and down 2 percent on the same period in 2019.

The second quarter, despite an improvement in certain markets, suffers in comparison with 2019 as a result of the decreased traffic in Japan and the decision to delay the launch of Moncler Genius Fragment from June to July. The e-commerce channel continued to grow strongly in triple digits compared to 2019.

Comp-store sales grew by 41 percent compared with H1 2020. During the half-year, on average, about 10 percent of the retail store network experienced temporary closures.

The wholesale channel reported revenue of 147.1 million euros, an increase of 42 percent at constant exchange rates on H1 2020 and of 10 percent on the same period in 2019.

At June 30, 2021, the network of mono-brand Moncler boutiques was made up of 224 directly operated stores (DOS), an increase of five since December 31, 2020, of which three opened in the second quarter. The Moncler brand also operates 63 wholesale shop-in-shops (SIS).

Moncler reveals performance of Stone Island brand

In the second quarter of 2021, when it was first consolidated into the Moncler Group, the Stone Island brand reported revenue of 56.2 million euros or 144.3 million euros from January 1, 2021.

During the quarter, the company said, Stone Island enjoyed significant growth in all its markets, including the domestic one, which accounted for approximately 20 percent of total revenues, and in other European countries. Growth was very strong in the wholesale channel, which made up 72 percent of the brand’s total revenues for the period. Performance of the DTC channel was driven by the growth of online revenues as well as new store openings in China and the United States.

At June 30, 2021, the network of mono-brand Stone Island stores was made up of 30 retail and 56 mono-brand wholesale stores.

Moncler posts first half profit of 58.7 million euros

In the first six months of 2021, the consolidated gross margin was 467.6 million euros, with an incidence of 75.2 percent compared to 69.3 percent in the same period of 2020 and to 76.7 percent in the first semester of 2019.

EBIT was 92.8 million euros, with a margin of 14.9 percent, compared with an operating loss of 35.5 million euros in the first half of 2020, and with 18 percent margin in the first half of 2019.

In the first half, net result was 58.7 million euros, compared to a loss of 31.6 million euros in the first half of 2020 and a profit of 70 million euros in the first half of 2019.

On April 22, 2021, the ordinary shareholders’ meeting approved the distribution of a gross dividend of 0.45 euros per share.