Moncler reports strong performance in the first half

For the first half year, Moncler S.p.A. reached consolidated revenues of 918.4 million euros, up 46 percent cFX compared with the same period in 2021 and up 62 percent cFX compared with the first half of 2019.

These results include Moncler brand revenues equal to 724.3 million euros and Stone Island brand revenues equal to 194.1 million euros.

In the second quarter, group revenues were 328.5 million euros, up 26 percent cFX and up 69 percent cFX compared with the second quarter of 2019, which did not include the Stone Island brand.

In the second quarter, the Moncler and Stone Island brands registered revenues equal to 250.9 million euros and 77.6 million euros respectively.

Commenting on the trading performance, Remo Ruffini, chairman and CEO of Moncler S.p.A. said: "Even though the first half of the year was marked by strong macroeconomic and geopolitical instability, we have exceeded our expectations, reaching 918 million euros in revenues and growth of a 46 percent at constant exchange rates.”

Moncler brand posts revenue growth across geographies

In Asia (which includes APAC, Japan and Korea), the group’s first-half revenues grew 16 percent cFX compared with the first half of 2021 and 34 percent compared with H1 2019, driven by a strong double-digit growth in the second quarter in Korea and Japan. In APAC, the performance was negatively impacted by the lockdowns in the Chinese mainland that caused the closure of around a third of stores in April and May, while June showed a strong improvement with the reopening of all the stores.

In EMEA, revenues increased by 42 percent cFX in H1 2022 and up 13 percent cFX compared with H1 2019, with an increase in the second quarter of 32 percent cFX compared with Q2 2021 and up 18 percent compared with Q2 2019, driven by a solid demand of both locals and American tourists.

France, Middle-East and Germany contributed the most to the growth of the second quarter. Revenues in the Americas grew by 28 percent cFX compared with H1 2021 and 50 percent cFX compared with H1 2019 with the second quarter growing 17 percent cFX compared with Q2 2021 and 65 percent cFX compared with Q2 2019. The United States led the growth of the region.

In the first half, the direct-to-consumer (DTC ) distribution channel registered revenues of 555.9 million euros with a 31 percent cFX growth compared with the first half of 2021 and 29 percent cFX compared with the same period in 2019. The second quarter marked a 27 percent cFX growth compared with Q2 2021 and 24 percent cFX compared with Q2 2019. E-commerce continued to register strong double-digit growth rates. Comp-store revenues growth was 19 percent compared with the first half of 2021.

The wholesale channel reported revenues of 168.3 million euros, an increase of 13 percent cFX and 25 percent cFX compared with the same period in 2019 driven by the strong demand for the spring/summer collections.

At June 30, 2022, the network of mono-brand Moncler boutiques was made up of 238 directly operated stores (DOS) with a one-unit increase in Asia with the opening of Sydney airport and a decrease of one unit in EMEA with the closure of Paris Printemps du Louvre. The Moncler brand also operates 64 wholesale shop-in-shops (SIS), a decrease of one unit compared with March 31, 2022.

Performance of Stone Island brand across markets

EMEA, which is the most important region for the brand, grew by 23 percent cFX in the first half with the same growth rates in the first and second quarter. Italy, France and Germany led the growth of the region, together representing approximately 40 percent of the brand’s total revenues.

Asia reached 33.3 million euros revenues growing 78 percent cFX driven both by the strong organic growth in Japan and by the conversion to retail of the Korean market occurred on January 1, 2022, while APAC suffered in the second quarter due to the Covid-19 restrictions. Americas was up 52 percent cFX compared with H1 2021 pro-forma, driven by both channels.

The wholesale channel, which still represents the most important channel for the brand, with 133 million euros in the first half grew by 13 percent cFX. The DTC channel grew 112 percent cFX representing 31 percent of the half-year total revenues, driven by the conversion of the Korean market and the strong double-digit growth in the European and American markets. The direct online channel continued to register solid double-digit growth.

As of June 30, 2022, the network of mono-brand Stone Island stores was composed of 54 retail stores and 35 mono-brand wholesale stores, in line with the first quarter.