Moncler saw its consolidated revenues jump by 18 percent to €365.5 million in the first quarter of 2021, with a jump of 21 percent in local currencies, although many countries were still being affected by coronavirus-related restrictions. The growth was primarily driven by a strong contribution from China, Korea and North America and the strong acceleration of e-commerce.
The Europe, Middle East and Africa (EMEA) region, excluding Italy, registered a decrease in revenues of 15 percent at constant exchange rates which the company has mainly attributed to the restrictions imposed by the various national governments to contain the pandemic and limitations on tourist flows, while local demand continued to grow. France and the U.K. were most impacted by the restrictive measures, Monclair said. Italy registered a 16 percent decline for the same reasons.
In Asia, by contrast, revenues went up by 53 percent at constant exchange rates. Mainland China registered “exceptional growth,” the company said. Meanwhile, revenues in the Americas rose by 34 percent at constant exchange rates, with a positive performance across both distribution channels and its two main markets.
By channel, Moncler’s retail revenues increased by 22 percent at constant exchange rates and by 18 percent at current exchange rates, reaching a level of €279.2 million. This result was driven by strong performance in China and Korea and the exceptional growth of e-commerce across all markets, especially in North America and Korea. The wholesale channel saw revenues go up by 17 percent to €86.3 million, driven by the positive reception of the spring/summer collections, major restocking and significant growth through e-tailers.
As of March 31, 2021, Moncler’s mono-brand distribution network comprised 221 directly operated stores (DOS), two more as compared to Dec. 31, 2020, and 63 wholesale shop-in-shops (SIS), unchanged from Dec. 31, 2020. In the first quarter of 2021, around 25 percent of Moncler’s retail network was temporarily closed due to pandemic-related restrictions.
During the period, Moncler completed the acquisition of 100 percent of the share capital of Sportswear Company, the owner of the Stone Island brand, whose results will be consolidated starting from the second quarter.