In 2017 Moncler recorded revenues of €1,193.7 million, which represent a 17 percent increase at constant exchange rates and an increase of 15 percent at current exchange rates compared with the previous year. The company said significant growth was achieved during the fourth quarter, despite a difficult comparison base.
The group's share of net income for the year reached €249.7 million, up by 27 percent as compared to 2016. The consolidated gross margin was equivalent to 76.9 percent of revenues, as compared to 75.7 percent in 2016. This improvement was principally attributed by the company to growth in the retail channel and higher production efficiency.
In Italy, sales increased by 4 percent, and accounted for 12.5 percent of the total. Especially in the fourth quarter, the retail channel experienced organic growth and was positively impacted by the re-opening of the flagship store in Milan, in Via Montenapoleone. In the Europe, Middle East and Africa region (EMEA), excluding Italy, revenues jumped by 19 percent at constant exchange rates, and increased by 16 percent at current exchange rates, with double-digit growth in both the retail and the wholesale channels and across all the main markets.
The brand registered very good performances in France, the U.K. and Germany. In France, sales were supported both by local shoppers and the positive flow of travelers. In the U.K., growth was mainly driven by the good results on a same-store basis of the directly operated stores (DOS) and the development of important wholesale clients, included some e-tailers. Germany registered a positive sales performance both in the retail and the wholesale channels.
In Asia & Rest of the World, revenues rose by 20 percent at constant exchange rates, and increased by 18 percent at current exchange rates. Sales in the Asia & Rest of the World region accounted for 41.5 percent of the total. China continued to post robust performances, driven by a double-digit growth on a same-store basis also in the fourth quarter. In 2017, Moncler reinforced its presence in some Asian cities, encouraged by a particularly strong flow of tourists, including in Auckland, Bangkok, Macau, Taipei and Guam, thanks to the opening of wholesale mono-brand stores.
In the Americas, which contributed 16.5 percent of sales, revenues grew by 14 percent at constant exchange rates, or by 12 percent at current exchange rates. Canada and the U.S. recorded very good results in both the retail and the wholesale distribution channels, thanks to the solid growth of existing retail stores and the openings of new wholesale shop-in-shops.
By distribution channel, revenues from retail were €892.4 million, representing an increase of 19 percent at constant exchange rates, or by 17 percent at current exchange rates. The growth in this channel was driven by a robust increase on a same-store basis combined with a further development of the company's network of mono-brand retail stores (DOS).
Other important projects, related to the expansion and the relocation of existing stores, were completed during the year. On a same-store basis, the group achieved a 14 percent growth during the year. The wholesale channel recorded revenues of €301.3 million, representing an increase of 10 percent at constant exchange rates, or by 9 percent at current exchange rates. Growth in the wholesale channel was driven in particular by good results in the U.K. and North American markets, the company said.
As at Dec. 31, 2017, Moncler's mono-brand distribution network consisted of 201 retail DOS, an increase of 11 units compared with Dec. 31, 2016, and 59 wholesale shop-in-shops, representing an increase of 17 units.