Moncler S.p.A reported the third quarter revenues accelerated significantly compared to pre-pandemic results both at Group and at Moncler brand level. The integration with Stone Island, consolidated since 1st April, 2021, proceeds very well.
In the first nine months of 2021, Moncler Group reached consolidated revenue of EUR 1,177.2 million (US$1,360 million), up 54 percent compared to the same period of 2020 and +20 percent cFX compared to 2019. These results include Moncler brand revenue equal to EUR 1,020.9 million (US$1,179.5 million) and Stone Island brand revenue, equal to EUR 156.4 million (US$180.7 million), consolidated since 1st April, 2021. Assuming Stone Island consolidated since 1st January, 2021, Group revenue in the first nine months would have been equal to EUR 1,265.3 million (US$1,462 million).
In the third quarter, the Group reached revenue equal to EUR 555.5 million (US$641.8 million), up 55 percent cFX compared to the third quarter of 2020 and up 33 percent compared to 2019. This result includes Moncler brand revenues, equal to EUR 455.3 million (US$526.1 million), and Stone Island brand revenue, equal to EUR 100.1 million (US$115.7 million).
In Asia, which includes APAC, Japan and Korea) revenues for the first nine months registered a +18 percent cFX growth compared to the same period of 2019. In the third quarter, the results of Asia grew 24 percent cFX compared to the same period of 2019, further accelerating driven by China and Korea.
In particular, revenues in mainland China doubled compared to Q3 2019. Korea continued to outperform the average of the region, accelerating compared to the previous quarter. Conversely, Japan deteriorated, being further penalised by the measures to contain the pandemic.
in EMEA, revenues decreased by 12 percent cFX compared to the first nine months of 2019, improving significantly in the third quarter, reaching almost 2019 results (-2 percent cFX compared to Q3 2019). this performance was driven by the strong local demand and by the online channel, notwithstanding the continuous lack of tourists, especially of the extra region ones.
Americas registered a +14 percent growth compared to the first nine months of 2019. In the third quarter, revenues grew 10 percent cFX compared to Q3 2019, mainly driven by the DTC channel which decisively outperformed the average of the Region, and further accelerated in the quarter compared to first half. Conversely, the performance of the wholesale channel has been impacted by differing timing in deliveries and by the conversions of shop-in-shops (wholesale) into concessions (retail).
In the first nine months of 201, the DTC channel reached revenue of EUR 702.1 million (US$811.2 million), growing +4 percent cFX compared to the same period of 2019. The third quarter grew +15 percent cFX compared to the same period of 2019, strongly accelerating compared to first half results. This performance benefited from the good results of the e-commerce channel and from important new openings.
The wholesale channel registered revenues equal to EUR 318.8 million (US$368.4 million) with a 5 percent cFX growth compared to the same period of 2019. In the third quarter, revenues of the wholesale channel grew by 2 percent cFX compared to the same period of 2019. The softer growth of the wholesale channel in the third quarter has been affected both by differing timing in deliveries and by the conversions from wholesale into retail of some stores especially in North America.
As of 30th September, 2021, the network of mono-brand Moncler boutiques counted 233 directly operated stores (DOS), +9 units compared to 30th June, 2021 and +14 unites compared to 31 December, 2020. Among the most important stores opened in the third quarter, there are the flagships of Milan Galleria, Hangzhou MixC and Chengdu. The Moncler brand also operates 64 wholesale shop-in-shops (SIS), an increase of one unit compared to 30th June, 2021.
In the first nine months of 2021, Stone Island generated EUR 244.4 million (US$282.4 million) revenue, up 27 percent compared to the same period of 2019, of which EUR 156.4 million consolidated in Moncler Group since 1st April.
In the third quarter, Stone Island registered revenue equal to EUR 100.1 million (US$115.7 million).
EMEA is the most important region for Stone Island, contributing to 78 percent of the revenues in the consolidated period. Italy is the main market in EMEA, followed by the United Kingdom, Germany and the Netherlands. Asia contributed 13 percent of Stone Island revenue for the consolidated period and Americans the remaining 9 percent.
The wholesale channel represented 78 percent of total revenue in the consolidated period with very good performances in all markets. Significant also the development of the DTC channel, both physical and digital.
As of 30th September, 2021, the network of mono-brand Stone Island stores was made up of 30 retail and 58 mono-brand wholesale stores.