Moncler Group sales grow in Q1

In the first three months of 2023 Moncler Group achieved consolidated revenues of €726.4 million (£633.07 million) – an increase of 23% at current (cFX) and constant exchange rates compared to €589.9 million (£514.15 million) in the first three months of 2022.

Both its Moncler and Stone Island brands performed strongly in Q1, with its direct-to-consumer channels accelerating and a strong performance in Asia.

Key takeaways from Moncler Group’s latest trading update are:

• Moncler brand revenues at €604.8 million (£527.14 million), +28% at current and constant exchange rates compared with the first three months of 2022.
• Stone Island revenues at €121.6 million (£106 million), up 5% cFX (+4% at current exchange rates) compared with €116.5 million (£101.5 million) in the first three months of 2022.
• Strong double-digit growth in the direct-to-consumer channel, at +34% cFX, accelerating sequentially compared to the previous quarter.
• Great performance in Asia (+32% cFX), boosted by Chinese demand after the lifting of Covid-related restrictions as well as very good growth in Japan and Korea.
• Very solid growth also in EMEA (+29% cFX), driven by both local demand and tourist purchases.
• Americas at +9% cFX, accelerating sequentially compared to the previous quarter, notwithstanding the significant number of US tourists buying outside of the region.

Remo Ruffini, Chairman and Chief Executive Officer of Moncler S.p.A., commented: “We are extremely satisfied with the results achieved in this first quarter of the year, with group revenues growing by 23% at constant exchange rates. Both our brands recorded strong double-digit growth in the DTC channel, reflecting their very solid momentum, a strong connection with consumers and the excellent execution of our strategy.

“We have kicked off the year with a new chapter for Moncler Genius. With an extraordinary event at Olympia London that saw the participation of over 12,000 people and achieved an unprecedented reach and engagement, Moncler Genius has evolved from a universe of collaborations into a real platform for co-creation among different sectors, showcasing the cultural relevancy of the brand worldwide.

“In the coming months, our focus remains firmly on both the development of the three dimensions of the Moncler brand and the evolution of Stone Island, in order to make our brands even stronger and more distinctive.

“The year has just begun, the geopolitical context remains uncertain and the most important months are still ahead of us, but we are ready to face them and to capture new exciting opportunities.”

As reported earlier, former CEO of Gucci Vault and Metaverse Ventures and Senior Executive Vice President, Corporate & Brand Strategy, Robert Triefus, has been appointed Chief Executive Officer of Stone Island, effective 1 June 2023.