Retail in Asia

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Moncler records sales surge in H1 2022

With a 46 percent increase in group revenues to EUR 918.4 million (USD 938 million) at constant exchange, Moncler Group outperformed analysts’ forecasts. This was made possible by double-digit growth at Moncler and Stone Island as well as a “great response” to the spring 2022 collections.

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According to a source, revenue was about 3 percent above consensus while EBIT was 18 percent above market expectations. Moncler Group was one of the top performers in this most recent luxury earnings season.

With the exception of APAC, all markets saw growth in the second quarter surpass pre-pandemic levels as sales at the Moncler brand increased by 27 percent to EUR 724.3 million euros (USD 739.76 million) at constant currency.

The first half of the group’s Asia area, which consists of APAC, Japan, and South Korea, saw a 16 percent growth rate, driven primarily by robust double-digit growth in South Korea and Japan. In the second quarter, South Korean revenue more than doubled compared to pre-pandemic levels, and Japan’s revenue showed “strong and increasing growth” compared to the prior quarter, the group reported.

The lockdowns in mainland China notably had a negative effect on Moncler’s performance in the APAC region. In April and May, around a third of stores were closed; nevertheless, the group said that June showed a “strong improvement” after those units reopened.

Chairman and CEO of Moncler Remo Ruffini noted that the first half was marked by severe supply chain interruption, lockdowns in China, and significant macroeconomic and geopolitical uncertainty in the Ukraine and Russia.

He claimed that despite these external challenges, the team outperformed expectations thanks to Moncler and the recently purchased Stone Island.

“While the overall context remains uncertain and volatile, we head into our most important part of the year with confidence, underpinned by our strategy and the operational flexibility that has always made us stand out, together with a financial solidity and a clear vision oriented toward the continuous strengthening of the brands,” said Ruffini.

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Ruffini also singled out South Korea, calling it “best-in-class” and “one of the most exciting” markets for the company.