Moncler S.p.A. reported operating earnings gained 20.9 percent in the first half as sales grew 24 percent. Sales for the Moncler brand jumped 29 percent while sales at Stone Island gained 5 percent.

Highlights of the quarter include:

  • Group consolidated revenues of €1,136.6 million in the first half of 2023, an increase of 24 percent compared with €918.4 million in the first half of 2022 at both current and constant exchange rates.
  • Moncler brand revenues of €935.0 million in the first half of 2023, up 29 percent compared with the first half of 2022 at both current and constant exchange rates; Strong double-digit growth continuing in the second quarter (+32 percent at constant exchange rates), accelerating sequentially compared to the previous quarter, mainly thanks to the improvement in Asia. Direct-to-consumer (DTC2 ) channel revenues jumped 45 percent on a currency-neutral basis in the second quarter, driven by solid double-digit growth in all three regions.
  • Stone Island Revenues of €201.6 million in the first half of 2023, up 5 percent at constant exchange rates (+4 percent at current exchange rates) compared with the first half of 2022. Second quarter sales were up 5 percent at constant exchange rates compared with same period of the previous year, in line with Q1, driven by Asia and EMEA. On June 1, Robert Triefus was appointed CEO of Stone Island.
  • Group EBIT of €217.8 million in the first half of 2023 compared with €180.2 million in the previous year, representing a gain of 20.9 percent. EBIT margin on revenues of 19.2 percent versus 19.6 percent in the first half of 2022, due to a different phasing of marketing expenses in the first half versus the second half compared to the previous year.
  • Net result €145.4 million in the first half of 2023, down 31.2 percent compared with €211.3 million in the first half of 2022 which included an extraordinary tax benefit of €92.3 million for the Stone Island brand tax value realignment.
  • Group net financial position €470.7 million in net cash on June 30, 2023 (€818.2 million on December 31, 2022 and €356.3 million on June 30, 2022), after €300.3 million in dividend payments.

Remo Ruffini, chairman and chief executive officer of Moncler S.p.A., commented: “For the first time in our history, Group revenues exceeded the 1-billion-euro mark in the first half of the year. I am proud of this significant milestone, a testament to the great teamwork, innovative thinking, and customer-centric approach that defines our Group. At Moncler, we are driving a new level of engagement with our customers all around the globe, leveraging all the dimensions of the brand. At Stone Island, we have just started the second chapter of the evolution of this unique brand under the leadership of the newly-appointed CEO. While remaining mindful of a still uncertain and complex environment, we will continue to invest in our organization and in our people to enable our brands to express their full potential.”

Photo courtesy Moncler