MILAN — At the end of trading on Wednesday, Moncler Group reported strong first-quarter results, which should put a smile on investors and analysts ahead of the company’s Capital Markets Day on Thursday.
In the three months ended March 31, the group registered a 61 percent jump in revenues, amounting to 589.9 million euros, compared with 365.5 million euros in the first quarter of 2021. Sales rose 58 percent compared to the same period in 2019.
Sales at the Moncler brand amounted to 473.4 million euros, up 30 percent compared to the first quarter of 2021 and up 27 percent at constant exchange rates compared to the same period of 2019.
The performance was lifted by solid double-digit growth in all channels and regions. China grew double digit in the quarter compared to the same period of last year despite the lockdowns in March and revenues doubled compared to the first quarter of 2019 in the region. The direct-to-consumer channel and the U.S. further accelerated compared to pre-pandemic levels.
Revenues of the Stone Island brand, which the group bought in 2020 and was consolidated from April 1, 2021,, were up 32 percent to 116.5 million euros, compared with 88.1 million euros in the first quarter of 2021, and up 67 percent compared to the first quarter of 2019 at constant exchange rates.
Remo Ruffini, chairman and chief executive officer of the group, touted the “important results” in this first part of the year.
“Yet, as I often say when commenting on the first quarter, the year has just begun. And today is even more important given the ongoing health emergency in some parts of the world and the conflict in Ukraine,” Ruffini said. “However, I remain optimistic about the future. We have brands with strong unexpressed potential and yet unexplored territories; communities to be strengthened and new ones to reach; a flexible organization, ready to master the challenges and welcome the opportunities of the sector, underpinned by a strong and distinctive vision to be a continuous source of inspiration. The coming years will witness a new phase in the development of the Moncler Group, which we are prepared to pursue with the support of all our stakeholders, starting from the newly elected board of directors.”
As reported, former tennis champion and entrepreneur Maria Sharapova is among the additions to the group’s board for the 2022-24 period, along with Nike Inc.’s former president Jeanne Jackson and Mercedes‐Benz AG’s vice president of communications and marketing Bettina Fetzer.
In Asia, Moncler revenues in the first quarter amounted to 232.5 million euros, up 17 percent compared with the same period last year and up 37 percent at constant exchange rates compared to the first quarter of 2019. In particular, the area was driven by the double-digit growth of China, despite results in March having been impacted by the lockdowns in some cities, including Shanghai and Shenzhen, and the closure of about 10 percent of directly operated stores there. The lockdowns continued in April, and currently about 30 percent of stores are temporarily closed. Japan also performed well, as did South Korea, which continued to significantly outperform the average of the region.
In the Europe, Middle East and Africa region, revenues increased to 167.3 million euros, up 47 percent compared to the first quarter of 2021 and up 11 percent at constant exchange rates compared to the first quarter of 2019, lifted by strong local demand and, in particular, the direct-to-consumer channel in Germany, the U.K. and Spain.
Sales in the Americas rose to 73.5 million euros, up 38 percent compared to the first quarter of 2021 and up 40 percent at constant exchange rates compared to the first quarter of 2019, with solid growth in all markets and channels, in particular, in the direct online one.
In the first quarter of 2022, the direct-to-consumer channel reached revenues of 377.2 million euros, up 35 percent compared to the same period of 2021, with solid growth in all regions. The digital channel continued to record strong double-digit growth rates, tripling its contribution compared to pre-pandemic levels. Physical retail posted higher revenues compared to the first quarter of 2019.
The wholesale channel was up 11 percent to 96.2 million euros.
As of March 31, the network of mono-brand Moncler boutiques counted 238 directly operated stores and 65 wholesale shops-in-shop.
The Europe, Middle East and Africa region, which is the main market for Stone Island, grew by 23 percent to 84.8 million euros, representing 73 percent of total revenues. This growth was driven by Italy, which represents about 25 percent of the brand’s total revenues, and by the U.K. and France.
Asia was up 62 percent to 18.4 million euros, accounting for 16 percent of total Stone Island sales.
This performance also benefited from the conversion from wholesale to retail of the 23 existing mono-brand stores in South Korea. For Stone Island, South Korea is the most important Asian country and accounts for about half of the revenues of the region.
Sales in the Americas were up 70 percent to 13.2 million euros, driven by all channels.
At Stone Island, the direct-to-consumer channel was up 121 percent to 28.3 million euros contributing to 24 percent of the quarterly revenues.
The wholesale channel grew 17 percent to 88.1 million euros, accounting for 76 percent of the total.
As of March 31, the network of mono-brand Stone Island stores totaled 54 retail stores and 35 mono-brand wholesale stores.