The Moncler Group is bucking the trend in the luxury sector, posting impressive gains in sales and profitability for the first half of the year. Despite a challenging operating environment, the group’s solid set of results has exceeded market expectations, with net profit rising 24.3% to 180.7 million euros.
“We are very pleased with the solid set of results we delivered in the first half of the year amid a generally complex operating environment for the luxury goods sector,” said Remo Ruffini, chairman and CEO of the group. “Strong growth in the DTC channel across all regions for both the Moncler and Stone Island brands has been a key driver of our success.”
The group’s revenue for the first half of the year totaled 1.23 billion euros, up 8% compared to the same period last year. Operating profit climbed 18.7% to 258.7 million euros, with a margin of 21%. These results are a testament to the group’s strategic initiatives and its focus on high-quality and selective growth.
One of the key areas of growth for the group has been in Asia, where sales reached 513 million euros, up 12% compared to the same period last year. Japan has been a particular bright spot, with strong growth driven by tourists. Mainland China has also performed well, with sales up “double digits in the second quarter,” according to Roberto Eggs, chief business strategy and global market officer.
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The group’s DTC channel has also been a major driver of growth, with revenues increasing by 16% compared to the first half of last year. The Moncler brand has been particularly successful in this area, with sales reaching 875.7 million euros, up 16% compared to the same period last year.
Wholesale, on the other hand, has been a challenging area for the group, with sales down 7% to 165.5 million euros. However, the group is working to upgrade the quality of its distribution network, which is expected to have a positive impact on sales in the long term.
In terms of specific brands, Moncler has been a standout performer, with sales reaching 1.04 billion euros, up 11% compared to the same period last year. Stone Island, on the other hand, has faced more challenges, with sales down 6% to 188.9 million euros. However, the brand is shifting its focus to DTC, which is expected to drive growth in the long term.