Moncler posts 60% rise in Q1 revenues

Moncler has reported £504.5 million (€589.9 million) in group revenues for the first quarter of 2022, driven by a surge in US and online sales.

The Italian fashion group revealed that Q1 group revenues were up 61% compared to £312.6 million (€365.5 million) in the first quarter of 2021, and up 58% compared to the same period of 2019.

Revenues for the Moncler brand reached £404.8 million (€473.4 million), up 30% compared to the first quarter of 2021, and up 27% compared to the same period of 2019.

The Stone Island brand saw revenues of £99.6 million (€116.5 million), up 32% compared to EUR 88.1 million in the first quarter of 2021, and 67% compared to the first quarter of 2019.

Despite seeing double digit growth in China's market, Moncler said around 30% of its main brand's stores in the country were temporarily closed because of lockdown restrictions, rising from 10% in March.

Remo Ruffini, Chairman and CEO of Moncler, commented: "2022 began with important results for our Group. 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. However, I remain optimistic about the future.

"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."