Moncler's Q1 revenues jump 61 percent
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Business
Moncler brand revenues were 473.4 million euros, up 30 percent or 29 percent at constant exchange compared to the first quarter of 2021 and 27 percent compared to the same period of 2019.
Commenting on the first quarter trading, Remo Ruffini, chairman and CEO of Moncler S.p.A., said: “During the quarter, revenues grew 60 percent compared to the previous year, with a strong contribution from both our brands. Yet, as I often say when commenting on the first quarter, the year has just begun. And today is even more important given the ongoing health emergency in some parts of the world and the conflict in Ukraine. However, I remain optimistic about the future."
Moncler’s performance across geographies
In Asia (including APAC, Japan and Korea) revenues in the first quarter registered a 15 percent growth compared to the same period of 2021 and 37 percent compared to Q1 2019.
In particular, the company said, APAC was driven by the double-digit growth of China, despite results in March having been impacted by the lockdowns in some cities, including Shanghai and Shenzhen, and the consequent closure of about 10 percent of DOS. Lockdowns continued in April, and currently about 30 percent of stores are temporarily closed.
Japan also performed well as well as Korea, while in EMEA, revenues increased by 48 percent compared to the first quarter of 2021 and 11 percent compared to Q1 2019.
The Americas registered a 36 percent growth compared to the first quarter of 2021 and 40 percent compared to Q1 2019.
In the first quarter of 2022, the DTC channel revenues of 377.2 million euros, were up 34 percent compared to the same period of 2021 and up 32 percent compared to Q1 2019. The digital channel continued to record strong double-digit growth rates, tripling its contribution compared to pre-pandemic levels.
The wholesale channel registered revenues equal to 96.2 million euros growing 12 percent compared to the same period of 2021 and 12 percent compared to Q1 2019.
As of March 31, 2022, the network of mono-brand Moncler boutiques counted 238 directly operated stores (DOS) and 65 wholesale shop-in-shops (SIS), an increase of one unit in both channels compared to December 31, 2021.
Stone Island brand revenues increase 32 percent
Stone Island brand revenues reached 116.5 million euros, up 32 percent and 31 percent at constant exchange compared to the first quarter of 2021, and 67 percent compared to the first quarter of 2019.
EMEA, which is the most important region for Stone Island, grew by 23 percent over the period and contributed to 73 percent of total revenues. This growth was driven by Italy, which represents about 25 percent of the brand’s total revenues, and by the United Kingdom and France.
Asia contributed to 16 percent of Stone Island revenues growing 61 percent compared to the first quarter of 2021. This performance, the company added, benefited not only from an organic growth in key markets but also from the conversion from wholesale to retail of the 23 existing mono-brand stores in Korea.
Starting from January 1, 2022 a joint venture majority-held by Stone Island is active in Korea to directly manage the market, which was previously controlled by a distributor. Americas was up 62 percent compared to Q1 2021, driven by all channels.
The DTC channel of Stone Island recorded a 119 percent growth, contributing 24 percent of the quarterly revenues, also thanks to the aforementioned conversion of the Korean market. Excluding the impact of this conversion, the DTC channel recorded a double-digit organic growth.
The wholesale channel grew 16 percent representing 76 percent of total revenues. As of March 31, 2022, the network of mono-brand Stone Island stores was composed of 54 retail stores and 35 mono-brand wholesale stores.