On July 24, Moncler S.p.A, headquartered in Milan, Italy, announced its financial report for the first half of 2024, revealing that the group’s consolidated revenues reached EUR 1,230.2 million. This represents an 11% increase year-on-year (cFX) compared to EUR 1,136.6 million in the first half of 2023.
Furthermore, Moncler Group’s operating profit for the first half of 2024 reached EUR 259 million, resulting in a profit margin of 21%, exceeding the expected EUR 247 million.
The main brand, Moncler, which accounts for over 80% of the group’s sales, reported revenues of EUR 1.0413 billion for the first half of 2024, marking a 15% increase year-on-year (cFX). This was driven by an 8% increase in DTC channel sales across all markets. Strong purchasing by overseas tourists in the Japanese market and robust performance in mainland China also contributed positively.
On the other hand, another brand under the group’s umbrella, Stone Island, reported revenues of EUR 188.9 million for the first half of 2024, a 5% decrease year-on-year (cFX). Although the DTC channel showed significant double-digit growth, the overall performance was impacted by the poor performance of the wholesale channel.
Remo Ruffini, Chairman and CEO of Moncler Group, stated, “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 euros.”
Ruffini added, “At the same time, I am confident that the strategic initiatives we are driving at both Moncler and Stone Island, our deep connection with our communities, the continued pursuit of product excellence as well as our focus on high-quality and selective growth, will further strengthen our brands in the coming months and in the years ahead.”
Additionally, on March 28, 2024, Moncler Japan acquired the remaining 5.06% of shares in Moncler Japan Corporation from Japanese shareholder Yagi Tsusho Ltd for EUR 9.3 million. Following this acquisition, Moncler now holds the entire share capital of Moncler Japan Corporation through its subsidiary, Industries S.p.A.