Moncler stays strong despite lower quarter results

Moncler published its quarterly results on Tuesday 29 October, and the figures once again reveal the general suffering of the luxury sector in recent times. The famous down jacket brand ended the period with a 3% fall in sales compared to the same period last year. The fall was slightly worse than analysts had predicted.

The Group's total sales came to 635.5 million euros, below the expectations of financial analysts, who had forecast sales of 645 million euros. The Moncler brand, which alone generated sales of €532 million, was particularly hard hit by difficulties in the wholesale channel, which fell by 9% over the period.

Remo Ruffini, Chairman and Chief Executive Officer of Moncler S.p.A., commented: “Our industry is facing a period of continuous volatility, characterised by a more difficult global macroeconomic context, which has been impacting consumer confidence in several markets.”

Although the figures for the quarter were down, the results for the first nine months of the year were more satisfactory, allowing Moncler to be considered a relatively solid group in this uncertain environment for the luxury goods industry. Over this period, group revenues totalled €1.87 billion, up slightly on the previous year (€1.81 billion in 2023). The Moncler brand alone posted an increase in revenues to €1.57 billion (compared with €1.50 billion last year). The Stone Island brand, by contrast, recorded a decline over the last nine months: acquired by Remo Ruffini in 2020 for €1 billion, it posted sales of €292.4 million, compared with €310.1 million last year.

Moncler is consolidating its presence on the Asian market, which is particularly uncertain for all the giants in the sector. For Shanghai Fashion Week, which ended on 19 October, Moncler organised an exhibition on the theme of ‘The Genius of Asia’ in ten pavilions featuring the creations of talented designers. The event, to which 8,000 VIP guests were invited, including singer Rihanna and actress Anne Hathaway, received massive coverage on social networks, generating around 57 million views.   

At the same time, the group is pursuing its strategy of positioning itself in the luxury sector. On 26 September, the Arnault family group and Remo Ruffini signed an agreement under which LVMH acquired a 10% stake in Double R, an investment vehicle holding 15.8% of Moncler's capital. With this agreement, LVMH aims to acquire 2.2% of Moncler's capital, enabling the brand to sustain its growth and better define its identity.