Italian luxury down jacket maker Moncler reported a double-digit annual sales decline for 2020, as several markets recorded heavy revenues, offset by Asia where revenues inched forward on 2019.
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Total sales for the year ending 31st December, 2020 reached US$1.7 billion, an 11% decline on the year prior, in constant exchange rates.
By region, Moncler saw sales plunge in its native Italy, down 34% in constant exchange rates, driven by store closures and decreased tourist arrivals, thanks to restrictions relating to the Covid-19 pandemic.
The Americas region recorded an 15% sales decrease, while the EMEA region (excluding Italy) saw an 18% decline, also due to store closures.
Asia proved to be the bright spot for Moncler, recording an annual increase of 2% on 2019, driven by growth in Mainland China, with strong double-digit growth in the year with an acceleration in the last quarter, said the Milan-based company. Korea and Japan also lifted in the last months of the year.
“2020 will remain marked in the world’s and in Moncler’s history. Going back over all the thoughts, emotions and actions of these past months would only be reductive, and I usually like to look ahead, to the future. At the same time, I think it is important to acknowledge those crucial moments when you act with courage amid uncertainty. This has been the strength that has guided us through these past months, especially in the last key weeks of 2020,” said Remo Ruffini, chairman and CEO of Moncler.
“In November, after a few months of cautious optimism and hope, we found ourselves back within the uncertainty of rising infection rates, lockdowns, and the impossibility to plan. This has once again pushed us to demonstrate Moncler’s great ability to react, without which we would not be commenting on what I believe to be an exceptional set of results,” continued Ruffini.
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In 2020, EBIT declined 25% to €369m, compared to 2019, said Moncler. Moncler currently boasts 219 standalone stores across the globe.