Moncler Group’s consolidated revenues increase by 24% in H1 2023
Yesterday, Wednesday 26 July, Moncler Group reported a +24% increase in consolidated revenues, reaching over 1.1 billion euros. This robust growth was uniformly reported across the Group's all geographical markets, with Asia singled out (+39%) as a particularly strong performer.
By Fanny Tang27 juillet 2023
For the first time in history “Group revenues exceeded the 1 billion euro mark in the first half of the year. I am proud of this significant milestone” commented Remo Ruffini, Chairman and CEO of Moncler S.p.A., the first half of 2023 was favorable to the group, reaching 1,136.6 million euros compared to the 918.4 million euros earned the same period in 2022. Operating income amounted to 217.8 million euros, with a margin of 19.2% on sales, compared with 180.2 million euros (19.6%) in H1 2022. Notably, both the Moncler brand and Stone Island made substantial contributions to these financial results. Moncler brand's revenues spiked to 935.0 million euros, marking a 29% increase from H1 2022, while Q2 revenues climbed to 330.2 million euros (+32% compared to Q1), attributed largely to improvements in Asia. Stone Island also played its part, with revenues reaching 201.6 million euros, up 5% from 194.1 million euros in H1 2022.
Geographical performance showed Asia as the star performer for the Moncler brand, generating 456.8 million euros in revenues, a 39% growth. The market acceleration was particularly pronounced in Q2 with a 55% year-over-year surge, largely propelled by the rebound of Chinese traveling. This information was shared by Roberto Eggs, Chief Business Strategy & Global Markets Officer at Moncler, during the webcast presentation of Moncler results. Meanwhile, for Stone Island, EMEA was the top performer, recording revenues of 145.6 million euros, up 5% on H1 2022. The Americas experienced a decline for both brands, dropping 5% for Moncler and 31% for Stone Island, partly due to changes in the Nordstrom wholesale channel. The American luxury department store chain announced in May 2023 its decision to close two of its stores in San Francisco following the ceasing of operations in Canada mainly due to post-pandemic repercussions.
Significant growth was also seen across Moncler's distribution channels, with e-commerce witnessing a significant surge, reporting a 45% rise in Direct-To-Consumer channels including online sales, marking a successful implementation of the Group's digital strategy and highlighting the importance of online sales in the luxury market.
Founded in 1952 in France near Grenoble and acquired by Italian Remo Ruffini in 2003, the French-born Italian brand Moncler was inspired by mountaineering to become one of the most iconic brands specializing in creating premium down jackets and skiwear. The brand has diversified its production by offering ready-to-wear collections and accessories, such as bags and shoes, reaching a wider audience. The brand has renewed through collaborations with renowned artists and designers, such as Pharrell Williams in 2020, now artistic director of the men's collection at Louis Vuitton, Thom Browne, and most recently, Alicia Keys. The Moncler group bought the Stobe Island brand, founded in 1982 in Ravarino, Italy, in December 2020 for 1.15 billion euros.
After the pandemic, the group focused on the young and the Chinese market, which seems to be doing rather well for it, with results of close to 2 billion euros for 2021 (+44% vs. 2020) and 2.6 billion euros for 2022 (+25% vs. 2021).
While recognizing the ongoing global economic uncertainties, Moncler Group remains optimistic about its future performance.
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