Moncler generated sales of €589.9 million in the first quarter of 2022, up a reported 61 percent on the year earlier and a 60 percent increase at constant currency rates. In the three months ended March 30, 2022, sales at constant currencies were also 58 percent higher than in the same period of 2019.
The Moncler brand led the sales gain, which reported revenues of €473.4 million, up by a reported 30 percent on the year earlier and 29 percent higher in constant currencies. On a two-year basis, the brand’s sales were 27 percent higher than in 2019.
On a geographical basis, Moncler’s sales at constant exchange rates in Asia climbed by 15 percent to €232.5 million, driven by “exceptional” results in Korea and growth in Japan and APAC. China posted-double digit growth despite Covid-19 restrictions and the closure of about 10 percent of stores in the quarter. In the EMEA region, revenues rose by 48 percent to €167.4 million, with Germany, UK and Spain outperforming. Sales to the Americas rose by 36 percent to €73.5 million, driven by growth in the U.S. and direct online sales.
By channel, DTC sales for the brand reached €377 million, up 34 percent, while wholesale sales rose 12 percent to €96.2 million.
Stone Island, which has been consolidated in Moncler’s accounts since April 1, 2021, reported revenues of €116.5 million, up by 32 percent and reflecting a constant currency increase of 31 percent. Stone Island sales were 67 percent higher on a constant currency basis compared to the first quarter of 2019.
Looking ahead, management said in a presentation to investors that up to one-third of Moncler brand revenues could come from Spring/Summer collections by 2025 when footwear is set to reach 10 percent of its total revenues. Online sales are also slated to rise to 25 percent of the brand’s total sales pie in 2025, up from 15 percent in 2021. China and the US are expected to account for more than 50 percent of sales growth by 2025.
By 2025, Moncler also aims to have 100 directly-operated Stone Island stores, up from 54 at the end of the first quarter.
