Moncler Group’s 2024 Revenues Surpass 3B Euros
MILAN — Moncler Group closed 2024 with quite a series of achievements, surpassing sales of 3.1 billion euros, seeing growth in China as several competitors still lament a lackluster performance in that market, and with a cash pile of more than 1.3 billion euros.
In addition, the group maintained an operating profit margin of almost 30 percent, and reported double-digit growth in its direct-to-consumer channel for both its brands, Moncler and Stone Island, reporting an acceleration in the last quarter of 2024. The performance beat analysts’ forecasts.
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In a call with analysts at the end of trading on Thursday, Moncler SpA chairman and chief executive officer Remo Ruffini described the results as “remarkable,” showing “strong resilience in a complex and volatile environment.” He touted the “strength of the group’s business model and operational discipline” and the brand experience delivered through the events of Moncler Grenoble in Saint Moritz and Moncler Genius in Shanghai, “the most impactful one in the brand’s history.”
Stone Island in the year “continued to reinforce its unique identity through a series of powerful brand initiatives, deepening connections with both new and loyal communities.”
The year 2025 continues to present uncertainty at the global macroeconomic level, but Ruffini said “we are confident in our ability to navigate evolving market dynamics. These results are more than numbers, they are about searching for creativity and uniqueness, never settling for the ordinary. We never compromise, we aim never to get bored so as not to bore others. In our ambition to push boundaries beyond conventions, we are shaping the future of our brands to drive sustainable growth and create long-term value.”
In the 12 months ended Dec. 31, group revenues rose 4 percent to 3.1 billion euros, compared with 2.98 billion euros in 2023. At constant exchange rates, sales were up 7 percent.
By brand, Moncler revenues rose 5 percent to 2.7 billion euros, compared with 2.57 billion euros in 2023.
Stone Island revenues decreased 2 percent to 401.6 million euros, compared with 411.1 million euros in 2023. In the fourth quarter, revenues rose 10 percent, with all regions accelerating.
Group net profit was up 5 percent to 639.6 million euros compared with 611.9 million euros in 2023.
Group operating profit rose to 916.3 million euros, a margin of 29.5 percent, compared with 893.8 million euros in 2023.
Asked by one analyst to comment on the deal with Bernard Arnault’s LVMH Moët Hennessy Louis Vuitton inked in September, whereby LVMH purchased a 10 percent stake in Double R, the investment vehicle that is controlled by Ruffini and holds his 15.8 percent stake in Moncler, the chairman underscored it was made “at the holding level and it allows to reinforce and give stability. It is very important to flag that we remain fully independent.”
Responding to a question about potential synergies, he said he did not expect any. While an LVMH executive will sit on Moncler Group’s next board meeting, Ruffini said LVMH is “not involved in any strategy.”
The net financial position of the group as of Dec. 31 amounted to 1.3 billion euros, compared with 1.03 billion euros at the end of 2023. Asked about potential acquisitions, given the cash pile, Luciano Santel, group chief corporate and supply officer, said “it’s a nice problem to have. We don’t have an M&A strategy and we want to remain very focused on two great brands; we see huge potential to fully develop them.”
By geographic markets, Moncler reported a 7 percent gain in revenues in Asia, which includes Asia Pacific, Japan and South Korea, to 1.38 billion euros. In the fourth quarter, revenues in the region grew by 11 percent at constant exchange rates. This was supported by a return to solid double-digit growth in mainland China, while Japan, South Korea and the rest of APAC also delivered a solid performance, all accelerating compared with the previous quarter.
The peformance surprised analysts, who prodded management for color.
Roberto Eggs, group chief business strategy and global market officer, attributed the growth to several key fundamentals, such as “a good understanding of the Chinese consumers through a local team, the development of specific capsules and relevant events through the year. The trust and quality perception is very high. We are one of the few brands for luxury outerwear, maybe the only one, and we are top of mind, there is no real competitor.”
Eggs also pointed to an increased interest in the outdoors after COVID-19 and “this is a trend that is there to stay.” In addition, he highlighted the group’s retail excellence. “We’ve had discussions with landlords and they are the ones offering better locations. In this sense, being an alternative to big groups is paying off, and we are traffic builders. We see a return of clients in the go-to market season, we are top of mind. Consumers go to brands at peak moments.” Eggs cited the relocations last year in Shanghai and Beijing, which offer increased visibility.
Moncler chief brand officer Gino Fisanotti said there was “no secret sauce,” and although he said the Genius event in Shanghai was extremely successful, with 67.5 million views in China, he did not attribute the gains with the Chinese cluster to only one event. “Yes, it was massive team work for 18 months, starting with customer engagement three to four weeks before and three to four weeks after, but it went beyond China. The story started there, but it was also able to travel around the globe.”
Moncler revenues in the Americas increased by 2 percent to 379 million euros and, in the fourth quarter, sales rose 5 percent at constant exchange rates.
Eggs said the Americas will be a key focus in 2025, citing key cities in the U.S., but also Vancouver, Mexico and São Paulo. “The U.S. is one of largest opportunities, we set the basis for a multiyear effort. We have a good collaboration with Saks, where we changed into the concession model, with Nordstrom with a hybrid model, and the merger of Neiman Marcus and Saks offers a good opportunity.”
Moncler Grenoble is also seen as an avenue of growth in North America and Canada. Moncler is set to open a flagship on Fifth Avenue in early 2026 and this was described as “the first part of the conquest” of the U.S.
The Europe, Middle East and Africa region in 2024 recorded revenues of 949.3 million euros, up 4 percent on 2023. In the fourth quarter, revenues increased by 3 percent at constant exchange rate, improving compared with the previous quarter thanks to the acceleration of the DTC channel, which registered a positive contribution from both tourists and locals, despite remaining penalized by more difficult trends in the direct online channel.
For Moncler, last year the DTC channel recorded revenues of 2.33 billion euros, up 8 percent on 2023.
Like-for-like sales rose 3 percent.
The wholesale channel registered revenues of 375.4 million euros, a decline of 8 percent compared with 2023. In the fourth quarter, revenues in this channel declined by 7 percent at constant rates, impacted by still challenging market trends and by ongoing efforts to upgrade the quality of the distribution network.
As of Dec. 31, there were 286 directly operated Moncler stores. Among the most important stores opened in the fourth quarter were New Bond Street in London and Boca Raton in Florida. The brand also operated 56 wholesale shops-in-shop.
After joining Stone Island in May 2023, CEO Robert Triefus said “the foundations are largely in place, the collection is very representative of the DNA and we are seeing good traction and we expect the momentum at DTC continuing in 2025.”
Triefus has been streamlining the wholesale channel to better control the brand and its storytelling, and this is “bearing fruits, the metrics are encouraging.” Also, the brand has integrated its online business, providing an omnichannel service, he noted. “There is work to be done but I am very optimistic, the right conditions are in place.”
The brand reported growth in Asia, where sales rose 18 percent to 105.2 million euros. In the fourth quarter, the region climbed 23 percent at constant exchange rates, mainly driven by the ongoing strong performance of Japan and the improving trends in the Chinese market. South Korea continued to show softer trends compared with the rest of the region.
EMEA — which continues to be the most important region for the brand — recorded revenues of 268.9 million euros, a decrease of 6 percent compared with 2023. In the fourth quarter, revenues were up 4 percent at constant exchange rates thanks to the solid performance of the DTC channel and improving trends in the wholesale channel. Italy, in particular, outperformed the rest of the EMEA region.
Revenues in the Americas were down 19 percent compared with 2023. In the fourth quarter, revenues were up 2 percent at constant exchange rates, returning to growth after several quarters of deterioration, mainly thanks to the improvement recorded by the wholesale channel.
In 2024, the DTC channel grew by 21 percent to 208.9 million euros, representing 52 percent of the total.
The wholesale channel was down 19 percent to 192.7 million euros in 2024. In the fourth quarter, revenues decreased by 1 percent at constant exchange rates, showing substantial improvement.
As of Dec. 31, there were 90 directly operated Stone Island stores and nine monobrand wholesale stores.
In 2024, capital expenditures amounted to 186.7 million euros, or 6 percent of revenues, compared with 174.1 million euros in 2023.
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