In the first three months of 2024 Moncler Group revenues of 818 million euros, increased 16 percent including Moncler brand revenues of 705 million euros and Stone Island brand revenues of 113 million euros.
Moncler brand revenues increased by 20 percent cFX, driven by strong growth in the DTC channel across all regions, while Stone Island brand revenues declined 5 percent cFX, with strong double-digit growth in the DTC channel partially offsetting the decline in the wholesale channel.
Commenting on the first quarter results, Remo Ruffini, chairman and chief executive officer of Moncler S.p.A. said in a statement: “While I am very pleased with the results achieved during the first quarter and very confident in the strong potential of our brands, I am also conscious of the still volatile macroeconomic environment and of the normalisation trends in our sector, which require us to remain prudent and reactive in light of these ongoing uncertainties.”
Moncler brand posts revenue growth across geographies
In the first quarter, Moncler brand revenues in Asia including APAC, Japan and Korea grew by 26 percent, driven by strong growth in the Chinese mainland and the increase in Chinese consumption abroad. Japan and Korea continued to deliver strong performance, due to positive contributions from both tourists and locals.
In EMEA, the company said, revenues grew by 15 percent cFX due to the strength of the DTC channel, supported by a further improvement in tourist purchases as well as solid local consumption.
Revenues in the Americas were up 14 percent cFX with the strong performance in the DTC channel more than offsetting the decline in the wholesale channel.
The DTC channel recorded revenues of 608.5 million euros, up 26 percent, while the wholesale channel recorded revenues of 96.5 million euros, a decline of 5 percent.
At March 31, 2024, the network of Moncler mono-brand boutiques comprised 275 directly operated stores (DOS), an increase of three stores compared to last year. The Moncler brand also operated 56 wholesale shop-in-shops (SiS), a decrease of one unit.
Wholesale performance impacts Stone Island results
In the first three months, Stone Island revenues in EMEA recorded revenues of 77.7 million euros, a decline of 12 percent cFX due to the drop in the wholesale channel. Asia including APAC, Japan and Korea reached 27.4 million euros revenues, up 27 percent cFX mainly driven by the very strong performance of Japan.
The Americas region was down 25 percent cFX with the positive performance of the DTC channel getting offset by the decline in the wholesale channel, which continued to be impacted by challenging trends mostly among department stores, as well as by the ongoing efforts to upgrade the quality of this channel.
In the first three months of 2024 the wholesale channel recorded revenues of 63.6 million euros, down 23 percent cFX impacted by challenging market trends and the strict volume control adopted to continuously improve the quality of the network. DTC channel revenues reached 49.4 million euros and grew by 31 percent cFX.
As of March 31, 2024, the network of Stone Island mono-brand stores comprised 83 directly operated stores (DOS), a net increase of two units and 13 mono-brand wholesale stores, a net decrease of two units.