Italian fashion firm Moncler's revenues soar 16% in Q1 FY24

The Moncler brand itself has shown revenues of €705 million, up 20 per cent cFX (17 per cent at current exchange rates) from €604.8 million in the corresponding period last year. The direct-to-consumer (DTC) channel was particularly strong, witnessing a 26 per cent year-on-year (YoY) increase at cFX, with all regions achieving solid double-digit growth. However, the wholesale channel experienced a slight downturn, with revenues falling by 5 per cent cFX to €96.5 million, the company said in a media release.

Stone Island, another brand under the Moncler Group umbrella, faced challenges during the quarter. Revenues for Stone Island were down to €113 million, a decline of 5 per cent cFX (7 per cent at current exchange rates) from €121.6 million in the first quarter of FY23. Despite the decline, the DTC channel for Stone Island recorded a strong 31 per cent growth cFX YoY, with all regions contributing positively. The wholesale channel, however, was adversely affected by challenging market conditions and the brand’s strategy of strict volume control to enhance the quality of its network.

In geographical terms, Asia stood out with a 26 per cent increase in brand revenues cFX, fueled by sustained high demand in China and significant growth in Japan and Korea. The EMEA region also reported solid gains, with a 15 per cent rise cFX, driven by local demand and an uptick in tourist purchases. The Americas followed closely with a 14 per cent increase cFX.

"Our group delivered excellent results in the first quarter of the year. I am particularly satisfied with the very strong double-digit growth achieved in the core DTC channel by both our brands. But I am even prouder of the distinctive brand experiences we created over the past few months, building stronger and stronger connections with our communities,” said Remo Ruffini, chairman and chief executive officer of Moncler.

Fibre2Fashion News Desk (DP)