Moncler S.p.A reported sales reached €669.7 million, $706 mm in the third quarter, up 7 percent on a currency-neutral basis compared with the same period of 2022.

Sales for the Moncler brand were up 9 percent on a currency-neutral basis year-over-year in the quarter to €561.2 million ($591 mm), driven by the ongoing strength of the DTC channel, which continued to grow at a double-digit pace in Q3 (+18 percent on a currency-neutral basis year-over-year) with a positive contribution from all regions despite a tougher comparable base.

Wholesale channel sales for the Moncler brand were down 9 percent on a currency-neutral basis year-over-year in Q3, impacted by the ongoing conversions to DTC of some of the brand’s most important wholesale accounts in the Americas. Moncler has opened shop-in-shops inside Saks and Nordstrom.

Stone Island sales reached €108.5 million ($114 mm) in the third quarter, flat to last year, led by double-digit growth in the DTC channel (+16 percent on a currency-neutral basis year-over-year), mainly driven by the strong performance of EMEA and Japan. Wholesale channel declined 6 percent on a currency-neutral basis year-over-year primarily due to the “strict volume control adopted in the management of this channel to continuously improve the quality of the distribution network.”

For the nine months, consolidated sales were €1.81 billion, an increase of 17 percent at constant exchange rates (+16 percent at current exchange rates) compared with €1.56 billion in the first nine months of 2022.

Moncler brand revenues reached €1.50 billion in the nine months, up 21 percent on a currency-neutral basis (+19 percent at current exchange rates) compared with the first nine months of 2022. Stone Island brand revenues were €310.1 million in the nine months, up 3 percent on a currency-neutral basis (+2 percent at current exchange rates).

Remo Ruffini, chairman and chief executive officer, commented: “I am very pleased with the results achieved during the third quarter of the year, when both the Moncler and the Stone Island brands delivered robust double-digit growth in the core DTC channel, despite a continuously volatile operating environment. This proves the strength of both our brands and reflects the deep connection we have built with our customers and our communities all around the globe. As we approach the most important part of the year, we remain vigilant in light of the ongoing macroeconomic uncertainties, but at the same time confident in the solidity of our brands and of our clear strategic vision.”

Moncler, based in Milan, Italy, is best known for its eponymous outerwear but also makes an expansive fashionable sportswear range. The company acquired Stone Island, a men’s streetwear and fashion label also based in Italy, in 2021.

Moncler Brand Revenues By Geography
By geography in the nine months, Moncler Brand sales in Asia, which includes APAC, Japan and Korea, grew 32 percent on a currency-neutral basis to €705.3 million In Q3, Asia revenues grew by 22 percent on a currency-neutral basis year-over-year, normalizing from Q2 due to a tougher comparable base in the Chinese mainland, whose performance in Q322 was boosted by the end of several Covid-related lockdowns. Japan and Korea continued to report a “very solid performance in the third quarter, despite a slight normalization,” noted Moncler.

In EMEA, revenues for the Moncler Brand grew by 19 percent on a currency-neutral basis in the nine months to €573.2 million, with an increase in the third quarter of 6 percent on a currency-neutral basis compared with Q322, sequentially slowing due to a normalization in local consumption and a slower recovery of tourism flows compared to the first part of the year. Chinese, Korean and American customers remained the strongest contributors to tourist purchases in the region.

Revenues in the Americas for the Moncler Brand declined by 4 percent on a currency-neutral basis to €217.8 million in the nine months year-over-year and by 14 percent on a currency-neutral basis in Q3 year-over-year, mainly due to the conversions of Nordstrom and part of Saks from a wholesale to a DTC business model. The DTC channel continued to record strong double-digit growth in Q3, accelerating compared to the previous quarter.

Stone Island Brand Revenues By Geography
EMEA revenues for the Stone Island brand reached €225.0 million in the nine months, an increase of 3 percent on a currency-neutral basis compared with the first nine months of 2022. In the third quarter, EMEA revenues were in line with the same period of the previous year, with a strong double-digit performance in the DTC channel entirely offsetting the decline in the wholesale channel.

Asia, which includes APAC, Japan and Korea, revenues for the Stone Island brand reached €57.8 million revenues in the nine months, growing 14 percent on a currency-neutral basis year-over-year. In the third quarter, the region grew by 1 percent, with the strong performance of Japan compensating for the weak performance of the Korean market. Sales in the Americas revenues for the Stone Island brand were down 18 percent on a currency-neutral basis to €27.3 million compared with the year-ago nine-month period.

Photo courtesy Moncler