The Moncler Group on Thursday shared its financial report for Q1 2024, revealing a sizable 16% increase in revenues to reach €818.0 million EUR in the three months. Home to both the Moncler and Stone Island brands, the company achieved positive results thanks, in part, to heightened demand in China, a region where competing luxury conglomerates are currently lacking.
The Moncler brand saw revenues increase by 20% from the year prior to reach €705.0 million EUR. The label saw sales jump 26% in Asia, as a result of China's increased spending as well as robust growth in Japan and Korea. In EMEA, Moncler's sales were up 15%, mirroring an acceleration in tourist purchases; and in the Americas, the company counted a 14% increase in sales.
In addition to growing demand in Asia, Remo Ruffini, chairman and CEO of Moncler S.p.A., attributes the group's success to its distinctive brand experiences. "In St. Moritz, we brought people from across the globe into the universe of Moncler Grenoble, bringing together high style and high performance, while further authenticating this unique brand dimension," he said.
Stone Island, however, recorded a 5% decrease in sales to hit €113.0 million EUR. Despite earning a 31% increase in the direct-to-consumer channel and unveiling its new brand manifesto, "The Compass Inside," during Milan Fashion Week Men's in January, the brand's wholesale channel was impacted by "challenging market trends and the strict volume control adopted to continuously improve the quality of the network."
See the Moncler Group's full Q1 2024 financial report here.
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