Italian fashion house Moncler Group has reported revenues of €1.23 billion (approximately $1.33 billion) in the first half of fiscal 2024 (H1 FY24), marking an 11 per cent increase at constant exchange rates (cFX) and an 8 per cent rise at current exchange rates compared to €1.136 billion in the first half of FY23.

The group's earnings before interest and taxes (EBIT) stood at €258.7 million in H1 FY24, up from €217.8 million in the same period of FY23, with the EBIT margin improving to 21 per cent from 19.2 per cent. The group's net result was €180.7 million, compared to €145.4 million in H1 FY23, the company said in a press release.

Moncler brand’s revenues for H1 FY24 were €1.041 billion, reflecting a 15 per cent increase at constant exchange rates and an 11 per cent increase at current exchange rates compared to €935 million in H1 FY23. The second quarter saw a solid 5 per cent year-over-year (YoY) growth at constant exchange rates, driven by an 8 per cent increase in the direct-to-consumer (DTC) channel, despite a very high comparable base. All regions contributed positively to the DTC growth, with the EMEA region outperforming.

Stone Island's revenues in the first half of FY24 were €188.9 million, representing a 5 per cent decline at constant exchange rates and a 6 per cent decline at current exchange rates compared to €201.6 million in H1 FY23. In the second quarter, Stone Island's revenues were down 4 per cent at constant exchange rates compared to the same period of the previous year. However, the brand experienced strong double-digit growth in the DTC channel, which rose by 27 per cent YoY at constant exchange rates, almost entirely offsetting the 28 per cent decline in the wholesale channel.

"We are very pleased with the solid set of results we delivered in the first half of the year amid a generally complex operating environment for the luxury goods sector. Both our brands enjoyed strong growth in the DTC channel across all regions and the group reached a notable operating profit, exceeding €250 million,” said Remo Ruffini, chairman and chief executive officer of Moncler.

Fibre2Fashion News Desk (DP)