The Moncler brand itself has shown revenues of €705 million, up 20 per cent cFX (17 per cent at current exchange rates) from €604.8 million in the corresponding period last year. The direct-to-consumer (DTC) channel was particularly strong, witnessing a 26 per cent year-on-year (YoY) increase at cFX, with all regions achieving solid double-digit growth. However, the wholesale channel experienced a slight downturn, with revenues falling by 5 per cent cFX to €96.5 million, the company said in a media release.
Moncler Group reported a 16 per cent increase in Q1 FY24 revenues, reaching €818 million (~$877 million), with significant growth in the Moncler brand itself.
Moncler’s revenues soared by 20 per cent, supported by a 26 per cent rise in direct-to-consumer sales, although wholesale saw a 5 per cent decline.
Stone Island experienced a 5 per cent revenue drop.
Stone Island, another brand under the Moncler Group umbrella, faced challenges during the quarter. Revenues for Stone Island were down to €113 million, a decline of 5 per cent cFX (7 per cent at current exchange rates) from €121.6 million in the first quarter of FY23. Despite the decline, the DTC channel for Stone Island recorded a strong 31 per cent growth cFX YoY, with all regions contributing positively. The wholesale channel, however, was adversely affected by challenging market conditions and the brand’s strategy of strict volume control to enhance the quality of its network.
In geographical terms, Asia stood out with a 26 per cent increase in brand revenues cFX, fueled by sustained high demand in China and significant growth in Japan and Korea. The EMEA region also reported solid gains, with a 15 per cent rise cFX, driven by local demand and an uptick in tourist purchases. The Americas followed closely with a 14 per cent increase cFX.
“Our group delivered excellent results in the first quarter of the year. I am particularly satisfied with the very strong double-digit growth achieved in the core DTC channel by both our brands. But I am even prouder of the distinctive brand experiences we created over the past few months, building stronger and stronger connections with our communities,” said Remo Ruffini, chairman and chief executive officer of Moncler.
Fibre2Fashion News Desk (DP)
