Moncler hails business ‘milestone’ as sales boom across brands

Moncler Group posted revenue of €1.14bn (£968.8m) for the six months to June 30, 2023, up 24% year on year from €918.4m (£787.5m).

The group posted a 29% increase in revenue to €935m (£801.7m) for its Moncler brand during the period, while revenue at Stone Island, which was acquired by the Moncler Group in March 2021, reached €201.6m (£172.9m).

The luxury group also posted gross profit of €851m (£729.7m) for the first half of the full financial year, while group EBIT reached €217.8m (£186.8m), up from €180.2m (£154.5m) during the same period last year.

The retailer attributed the performance of its Moncler brand to strong revenue growth in Asia as well as a “strong improvement” in China due to the reopening of stores following the previous pandemic lockdown closures.

In regard to Europe, the Middle East and Africa, Moncler said its performance was “supported by solid demand from local customers and the continued improvement in tourist flows” as American, Chinese and Korean tourists remained the strongest shoppers.

For the Stone Island brand, Moncler Group said China and Japan also performed well, but that the Korean market was “softer, due to the ongoing changes in business model”.

The group also said that revenue for Stone Island in the Americas decreased 25%, which it attributed to wholesale performance being impacted by “a softer business trend and a more cautious approach from department stores as a result”.

In terms of outlook, Moncler Group said that the current global macroeconomic context “remains volatile” as uncertainty continues to swirl surrounding inflationary pressures and recession risks.

Moncler said it will continue to work on “maintaining an agile, flexible and reactive organisation” as it continues to prioritise its brand strategies and growth.

It also said that during 2023 it will continue to strengthen the position of the Stone Island brand in its core markets, including across Europe.

Moncler chief executive and chair Remo Ruffini said: “For the first time in our history, group revenues exceeded the €1bn mark in the first half of the year. I am proud of this significant milestone, a testament to the great teamwork, innovative thinking and customer-centric approach that defines our group.

“At Moncler, we are driving a new level of engagement with our customers all around the globe, leveraging all the dimensions of the brand.

“At Stone Island, we have just started the second chapter of the evolution of this unique brand under the leadership of the newly appointed CEO.

“While remaining mindful of a still uncertain and complex environment, we will continue to invest in our organisation and in our people to enable our brands to express their full potential.”