Moncler Group Achieves 11% Growth in H1 2024

€1.230,2 million in revenue, 15 % growth for Moncler, and 29 % increase in DTC sales amid sustainability efforts

Sectors & Markets

01 October, 2024

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Moncler Group, which operates the luxury brands Moncler and Stone Island, published its half-year financial report on 24 July 2024, showcasing its financial and operational performance for the first half of 2024. The group reported an overall strong performance despite challenging global market conditions. The group's focus on direct-to-consumer (DTC) sales and strategic efforts in digital innovation and sustainability continued to drive growth across key regions and channels.

Financial Performance Overview

In the first half of 2024, Moncler Group achieved consolidated revenues of €1.230,2 million, marking an 11% year-over-year increase at constant exchange rates (cFX). This growth was primarily driven by the Moncler brand, which accounted for €1.041,3 million of total revenue, representing an impressive 15% cFX increase compared to H1 2023. However, Stone Island, the group's other key brand, saw a slight revenue decline of 5% cFX to €188,9 million.

The gross profit for the period reached €943,1 million, reflecting a 76,7% margin, up from 74,9% in the same period of 2023. This improvement was largely driven by the higher contribution of DTC sales. The group’s EBIT stood at €258,7 million, with a margin of 21,0 %, up from 19,2 % in the first half of 2023, demonstrating improved operational efficiency.

Revenue by Geography

  • Asia remained the most significant region for Moncler Group, with €512,9 million in revenue, up 19 % cFX, primarily supported by strong growth in Japan and mainland China.

  • EMEA saw robust growth, recording €380,6 million in revenue, up 12 % cFX, benefiting from increased tourist spending and strong local consumption.

  • Americas registered a 7 % cFX growth to €147,7 million, although there was a slight decline of 1 % in Q2 due to a drop in wholesale revenues.

Sales by Channel

  • The DTC channel experienced remarkable growth, with revenues increasing by 19 % cFX to €875,7 million, supported by strong tourist purchases in key regions.

  • In contrast, the wholesale channel saw a decline of 5 % cFX, in line with the group's efforts to upgrade the quality of its distribution network.

Brand Performance: Moncler and Stone Island

Moncler

Moncler recorded revenues of €1.041,3 million, an 11 % increase compared to H1 2023. The brand's success was driven by strong DTC sales and positive performance across all regions, with Asia leading the charge. The DTC channel, which accounted for 84,1 % of Moncler’s revenue, grew by 16 %, benefiting from higher tourist spending, especially in EMEA.

Stone Island

Stone Island’s revenues of €188,9 million represented a 5 % decline compared to the previous year. The brand faced challenges in the wholesale segment, where revenues dropped by 24 % cFX. However, the DTC channel grew by 29 %, reflecting strong consumer demand in Asia and EMEA. The brand continues to evolve, with strategic investments in expanding its DTC presence.

Sustainability and ESG Initiatives

Moncler Group continues to place sustainability at the forefront of its strategy. The company remains committed to its 2020-2025 Sustainability Plan, which focuses on five strategic pillars: climate change, circular economy, responsible supply chain, diversity enhancement, and community support.

The group has set ambitious targets to reduce its carbon emissions by 70 % across Scope 1 and 2 by 2030 and by 52 % within Scope 3 emissions. This commitment to sustainability is supported by initiatives such as the use of renewable energy across its facilities, investments in energy-efficient infrastructure, and the progressive introduction of preferred materials into its collections. Additionally, Moncler has implemented LEED certification for new stores and buildings, further reinforcing its environmental commitments.

In 2024, Moncler also maintained its pledge to biodiversity and circular economy practices, with continued focus on regenerative agriculture and decarbonising its supply chain. As part of its circular economy efforts, Moncler is working on developing recycling programmes and innovative products made from sustainable materials.

Future Outlook and Analysis

Moncler Group faces a complex global economic environment, but its focus on operational flexibility, strategic brand management, and sustainability places it in a strong position to navigate these challenges. The group's continued investment in digital innovation, coupled with its evolving DTC strategy, is expected to further enhance customer engagement and drive future growth.
As the group moves forward, the key areas of focus will be strengthening Moncler’s year-round brand presence, evolving the Stone Island brand to meet global market demand, and continuing to invest in sustainability initiatives that align with consumer expectations and regulatory requirements.

While Moncler Group’s financial performance shows solid growth, there are areas that warrant closer observation, such as the performance of the Stone Island brand and the potential impact of external economic pressures on tourist-driven revenues. The group's investment in digital transformation, particularly in e-commerce, should also be monitored to ensure it capitalises on the growing importance of the online shopping channel.

In summary, Moncler Group’s first half of 2024 has been marked by robust growth, particularly for the Moncler brand, driven by its focus on DTC sales and expansion in key regions. Its sustainability achievements and future commitments position the group well to meet evolving market demands, while operational and brand-related strategies continue to support its long-term growth ambitions.

Read the full Moncler Group report Here.

Cover Image Courtesy: Moncler Official Website