Revenues at Moncler climbed 18 percent in the first half to 183 million euros, or $237.5 million, as the Italian outerwear specialist continued its retail expansion, opening four boutiques in Europe.
This story first appeared in the August 29, 2013 issue of WWD. Subscribe Today.
The results were disclosed Wednesday by Paris-based investment firm Eurazeo, which took a 45 percent stake in Moncler in 2011.
Eurazeo cited a “solid” performance for Moncler in all geographic areas except Italy, which logged flat sales. As of June 30, Moncler operated 87 stores, which now generate more than half of brand sales.
Moncler Group revenues, which comprise Henry Cotton’s, Marina Yachting, Coast Weber Ahaus and the 18CRR81 Cerruti license, advanced 10 percent in the six-month period to 247 million euros, or $320.5 million. Moncler’s momentum compensated for a 9 percent revenue fall for those other sportswear brands.
Moncler chairman and chief executive officer Remo Ruffini has repeatedly said a listing remains the company’s goal — and the most likely exit method for Eurazeo either at the end of this year or in early 2014, as reported.
Eurazeo credited a stepped-up rotation of assets for swinging to net income of 328.8 million euros, or $426.7 million, versus a loss of 147.4 million euros, or $193.6 million, in the year-ago half. Revenues slipped 4.3 percent to 3.37 billion euros, or $4.42 billion.
Dollar figures are converted at average exchange rates for the periods in question.
In the half, Eurazeo disposed of shares in energy firm Rexel, meal-voucher specialist Edenred and sealing maker The Flexitallic Group, and made investments in the health care and environmental sectors, which it considers buoyant.
Eurazeo’s diverse portfolio of investments includes hotel operator Accor, French real estate firm Foncia, salon specialist Dessange International and rent-a-car giant Europcar.