Moncler reported revenues up 20% to US$441.5 million in first quarter 2021 with strong growth in Asia, North American and online.
Revenues in the first quarter of 2021 grew by double-digits, clue to the strong contribution of China, Korea and North America in particular, despite many countries still being affected by stringent anti-Covid measures imposed by their respective national governments. Strong acceleration of e-commerce.
Consolidated revenues reached US$441.5 million, +21 percent at constant exchange rates and +18 percent at current exchange rates compared to US$375.1 million in the first quarter of 2020. Relative to Q1 2019. consolidated revenues decreased by 2 percent at constant exchange rates (-3 percent at current exchange rates).
Retail revenues increased to US$337.7 million, +22 percent at constant exchange rates and +18 percent at current exchange rates compared to US$285.8 million in the first quarter of 2020.
Wholesale revenues grew to US$104.3 million, +17 percent at current and constant exchange rates compared to US$89.2 million in the first quarter of 2020.
Completed the acquisition of 100% of the share capital of Sportswear Company S.p.A., owner of the Stone island brand., whose results will be consolidated starting from the second quarter of the year.
Moncler continues to support the community of Milan by contributing to the largest vaccination hub in Lombardia region at Generali Square Garden – Palazzo delle Scintille, which will provide around 10 thousand vaccinations per day.
Remo Ruffini, Moncler’s Chairman and Chief Executive Officer, commented “An important year has begun. A year, we hope, of rebirth and fresh energy. A year that, for Moncler, will also be one of great work and zest for new projects. We finalised the acquisition of Stone island on 31st March. Now, we are working together on hold plans to develop the Group, all with a dear goal in mind: to enhance our brands’ identities, honour their uniqueness and, at the same time, build a solid framework to support their evolution and future development.”
“Looking at the results of the first three months of 2021, I think that growing by 21 percent worldwide and being broadly in line with the first quarter of 2019 is a very good result. But there is still a lot to be done. The coming months will be crucial for the many projects that we arc working on right now. As l told our store managers at the Digital Summit a few weeks ago: we should not stop being proactive: we must continue to learn and evolve. Our customers – wherever they are, and whether they meet us in a physical or digital space – expect an ever-changing, unique and exciting experience. Our products caught them yesterday, but it is the relationship we strengthen today that will allow us to continue to engage with them tomorrow., around the world and across every touch point,” continued Ruffini.
In the first quarter of 2021, Moncler recorded revenues of US$441.9 million, an increase of 21 percent at constant exchange rates, and of 18% at current exchange rales compared to revenues of US$375.1 million in the same period of 2020. Compared to the first three months of 2019, consolidated results registered a -2 percent decline at constant exchange rates.
In the first quarter of 2021. Moncler posted strong double-digit results in Asia and in the American region.
In Asia revenues increased +5:3 percent, at constant exchange rates, with a positive contribution from all three Regions: APAC, Korea and Japan. APAC almost doubled its revenues in the first quarter of 2021 due to exceptional growth in the Chinese mainland and positive performance in the other main markets, Hong Kong SAR, Macau SAR and Taiwan. Korea also recorded exceptional results; the Region has been less impacted by measures to contain the pandemic while benefitted from strong brand momentum. Japan saw positive performance in the first quarter despite the decrease in traffic linked to Covid-19 restrictions.
EMEA (excl. Italy) reported a decrease in revenues of 15 percent at constant exchange rates in the quarter. This result was driven by the restrictions imposed by the various national governments to contain the pandemic and by limited tourist flows, while local demand continued to grow. France and the United Kingdom were most impacted by the restrictive measures.
Italy registered a -16 percent decline in the quarter, affected by the store closures imposed to limit the spread of Covid- 19 and the absence of tourists.
The Americas recorded an increase in revenues of +34 percent at constant exchange rates, demonstrating positive performance across both channels and the two main markets.
Revenues from the retail channel were equal to US$337.7 million compared to US$285.8 million in the first quarter of 2020, increasing 22 percent at constant exchange rates. This result was led by strong performance in China and Korea and the exceptional growth of e-commerce in all markets, particularly in North America and Korea.
The wholesale channel recorded revenues of US$104.4 million compared to US$89.2 million in the first quarter of 2020., up +17 percent at constant exchange rates. This performance was driven by the positive reception of the Spring/Summer collections and by important reassortments. The online wholesale channel (e-tailers) grew significantly.
As of 31st March 2021 Moncler’s mono-brand distribution network consisted of 221 directly operated stores (DOS), a net increase of two units compared to 31st December 2020, and 63 wholesale shop-in-shops (SiS)., unchanged from 31st December 2020.
In the first three months of 2021 Moncler converted a wholesale store into retail in Canada and opened a DOS in Japan.
In the first three months of 2021 around 25 percent of Moncler’s retail network was temporarily dosed due to measures imposed by governments to contain Covid-19.