Moncler Group reported consolidated revenues of €621.8 million for the first half ended June 30, compared to €403.3 million in the first half of 2020. Growth was 57 percent at constant exchange rates and 54 percent at current exchange rates. From April 1, 2021, the group’s financial report also consolidates the results of the Stone Island brand. Consolidated revenues for the first half of 2021 include Moncler brand revenues of €565.5 million and Stone Island brand revenues of €56.2 million, the latter consolidated for the second quarter only. Assuming Stone Island consolidated since Jan. 1, 2021, revenues in the first half of 2021 would have been €709.9 million.
Net profit of €58.7 million compares with a net loss of €31.6 million in the first half of 2020. Earnings before interest and taxes (EBIT) - net of purchase price allocation adjustments and other costs related to the acquisition of the Stone Island brand - reached €92.8 million (15 percent of revenues) for the first half, and compare with an operating loss of €35.5 million in the first half of 2020.
Moncler brand revenues increased by 43 percent at constant exchange rates in the first half or by 40 percent at current exchange rates. In the second quarter, revenues for the Moncler brand increased by 118 percent at constant exchange rates compared to the second quarter of 2020, despite the impact of the ongoing Covid-19 pandemic, which continued in the second quarter of the year, especially in Japan and the EMEA region. By geography, Moncler brand revenues in Asia, including APAC, Japan and Korea, increased by 59 percent at constant exchange rates in the first half, or by 56 percent at current exchange rates, to €282.6 million, driven by the Chinese mainland and South Korea. In contrast, Japan slowed in the second quarter due to the tightening of pandemic-related restrictions. In the EMEA region, revenues of €187.8 million represented an increase of 10 percent at constant exchange rates versus the first half of 2020, or of 9 percent at current exchange rates, with an improvement in the second quarter that was also due to the loosening of the restrictions put in place to contain the pandemic. In the second quarter, the U.K. and Germany “significantly outperformed the regional average,” the company said. In the Americas, Moncler brand revenues of €95.2 million doubled at constant exchange rates (+101 percent) compared to the first half of 2020, with growth accelerating in the second quarter. The U.S. drove the region’s performance. Moncler brand revenues in the Americas grew by 91 percent in the first half at current exchange rates.
By revenue channel, the Direct-To-Consumer (DTC) channel generated Moncler brand revenues of €418.4 million, representing a 44 percent increase at constant exchange rates compared with the first half of 2020, or a 39 percent increase at current exchange rates. The DTC channel includes revenues from directly operated stores (DOS) from direct online and e-concessions. The e-commerce channel continued to grow strongly, marking a triple-digit increase compared to the same period in 2019. The DTC channel accounted for 74 percent of the Moncler brand sales in the first half. The wholesale channel posted revenues of €147.1 million, up by 42 percent at constant exchange rates or 43 percent at current exchange rates versus the first half of 2020. Performance in the wholesale channel was driven by strong reorders, especially in the American market, and by e-tailers, which significantly outperformed the channel average. As of June 30, 2021, the network of mono-brand Moncler boutiques totaled 224 DOS, five more since Dec. 31, 2020, of which three opened in the second quarter. The Moncler brand also operates 63 wholesale shop-in-shops, the same number as of Dec. 31, 2020.
The Stone Island brand, whose revenues were first consolidated into the Moncler Group in the second quarter of 2021, reported revenues of €56.2 million in the quarter. The brand recorded significant growth across all its markets. The domestic market accounted for around 20 percent of total brand revenues. By distribution channel, growth was very strong in wholesale, which accounted for 72 percent of the brand’s total revenues for the period. The DTC channel also provided an excellent performance, the company said, driven by the growth of online revenues and new store openings in China and the U.S. As of June 30, 2021, the network of mono-brand Stone Island stores totaled 30 retail and 56 mono-brand wholesale stores.
Among the significant events in the first half of 2021, and in addition to the integration of Stone Island, in June, the company announced the arrival of Gino Fisanotti as chief brand officer for the Moncler brand, a newly created position, effective June 7.
