Moncler, revenues up 11% in the half year. Ebit up to 258.7 million

Moncler is bucking the trend of the global luxury market, which has slowed considerably since 2023. In fact, the group headed by Moncler and Stone Island, which has been listed on the Milan Stock Exchange since 2013, closed the first half of 2024 with revenues at €1.23 billion, up 11% at constant exchange rates (Cfx) and +8% at current exchange rates on the €1.1 billion of the same period in 2023. Ebit rose to €258.7m compared to €217.8m in H1 2023 with a margin of 21% compared to 19.2% in the same period last year. Group net profit was also up: EUR 180.7 million compared to EUR 145.4 million in H1 2023.

The group's accounts were driven by the performance of the Moncler brand: in the period from January to June, it recorded a 15% increase in revenues at constant exchange rates (+11% at current exchange rates), exceeding EUR 1 billion in revenues. In the second quarter, the brand reported a 5% increase in revenues, particularly from the direct-to-consumer channel (+8%); t all regions contributed positively to the growth in direct revenues, particularly the Europe-Middle East region. The next test could be in Shanghai, where Moncler will present the new Genius project in October.

The performance of Stone Island was different: it closed with revenues down 5% at constant exchange rates (-6% at current exchange rates) to EUR 188.9 million. However, the brand founded by Carlo Rivetti, which was taken over by Moncler in 2020, recorded double-digit growth in the direct-to-consumer channel (+27% cFX year-on-year), which almost entirely offset the decline recorded in the wholesale channel (-28% cFX year-on-year).

"We are very pleased with the solid results achieved in the first half of the year, in an operating context of generalised complexity for the luxury sector," said Remo Ruffini, chairman and CEO of Moncler Group. "Both of our brands recorded strong growth in the direct-to-consumer channel in all regions, and the group achieved an important operating result, exceeding 250 million euro. However, Ruffini emphasised the unpredictability of the environment and the need to maintain 'a vigilant approach and to remain focused on our operational flexibility and responsiveness'. There is no change, however, in the work on the group's pillars: 'I am convinced that the strategic initiatives we are pursuing at both Moncler and Stone Island, our deep connection with our communities, our continuous search for product excellence, and our focus on selective, high-quality growth will continue to strengthen our brands in the months and years to come,' he concluded.

The group ended the first half of the year with EUR 845.8m in net cash (compared to EUR 1,033.7m as at 31 December 2023 and EUR 470.7m as at 30 June 2023), after the payment of EUR 303.1m in dividends. As at 30 June 2024, lease liabilities amounted to EUR 815.8m (compared to EUR 805.2m as at 31 December 2023 and EUR 837.7m as at 30 June 2023).