Moncler’s preliminary consolidated financial results showed revenues of €2,046.1 million for the full year ended Dec. 31, 2021, marking a 44 percent increase compared to 2020 and a 28 percent increase compared to 2019, generating an adjusted gross margin of 76.6 percent. These figures include nine months of sales for the Stone Island brand, consolidated since April 1, 2021.
The company’s net income of €411.4 million compares to €300.4 million in 2020 and €358.7 million in 2019. The operating profit (Ebit) of €603.1 million in 2021 compares with €368.8 million in 2020 and €491.8 million in 2019, representing an Ebit margin of 29.5 percent versus 25.6 percent in 2020 and 30.2 percent in 2019.
By brand, Moncler generated 28 percent higher revenues of €1.8 billion in 2021, increasing in the fourth quarter 20 percent versus 2020 and 30 percent versus 2019. Stone Island’s revenues of €221.9 million accounted for 10.8 percent of total company revenues during the financial year.
Revenues in the Asia-Pacific region of €894.8 million for the year were up by 26 percent from 2020. They were driven by continued excellent performance in China and Korea. In the fourth quarter, the Chinese mainland posted almost triple-digit growth, while Japan returned to double-digit growth, as opposed to previous quarters. Moncler has been particularly active on WeChat and will enter the Tmall platform in the third quarter of this year.
Revenues in the EMEA region for the full year reached €624.5 million, up by 25 percent from 2020, but represented a 3 percent drop compared to 2019. At country level, the growth was led in particular by the German and Nordic markets, although all the countries in the EMEA region experienced a marked improvement, the company said. Italy generated around a quarter of the revenues of the whole EMEA region. The financial report stresses that physical retail in the EMEA region recorded positive performance despite the ongoing lack of tourists, especially those who traditionally come from outside the region.
The Americas generated sales of €304.9 million in 2021, up by 43 percent from 2020, with a sharp acceleration in the fourth quarter mainly driven by the DTC channel in both the U.S. and Canada. In 2021, Asia accounted for 49.1 percent of the company’s revenues, followed by EMEA at 34.2 percent and the Americas at 16.7 percent.
Overall, the DTC channel generated revenues of €1.43 billion in 2021, up by 33 percent from 2020. Sales grew at a more modest pace of 15 percent to €394.9 million in the wholesale channel. As of December 31, 2021, Moncler’s network of mono-brand boutiques included 237 directly operated stores (DOS), four more than as of September 30, 2021, and 18 more than as of December 31, 2020. The brand operates 64 shop-in-shops, the same number as of Sept. 30, 2021.
This year, the company will celebrate the 70th anniversary of the Moncler brand and the 40th anniversary of Stone Island, which ended the past year with 30 single-brand shops.
