Moncler Group announced on October 26 revenues for the first nine months totalled 1.56 billion euros (USD 1.55 billion), an increase of 32 percent at current exchange rates, coinciding with double-digit Asia growth for both the Italian group’s Moncler and Stone Island brands.
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The Milan-headquartered group said revenues at its Moncler brand in Asia, its largest market globally, totalled 547.9 million euros, up 15 percent on the same period last year. For the third quarter ended September 30, Moncler Asia revenues grew 14 percent on 2021, (up 40 percent on 2019), driven by double-digit growth in both direct-to-consumer and wholesale channels and the reopening of directly operated stores in the Chinese market, especially in July and August. South Korea and Japan continued to record “good growth” during the quarter, the company added.
Likewise, Stone Island revenues in Asia for the first nine months totalled 52.4 million euros, up 66 percent on 2021. Revenues in the third quarter grew 45 percent, compared with 2021, because of “excellent” organic growth in APAC and the conversion from wholesale to retail of some markets in the region.
In particular, the Korean market was fully converted to retail since the beginning of January, and the Japanese market since the beginning of August. From August 1, a joint venture majority-held by Stone Island was launched in Japan, directly managing 16 stores and the relationships with wholesale partners in the region.
“In the first nine months of the year the group exceeded 1.5 billion euros in revenues, recording double-digit growth in the third quarter compared both with 2021 and with 2019, in a macroeconomic context that continues to be characterized by strong uncertainty,” said Remo Ruffini, chairman and chief executive officer of Moncler Group.
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“We are now facing the most important period of the year with confidence and great energy; conscious of the strength of our brands and of the unique and distinctive projects planned for these months.”