Fewer tourists in Europe: Moncler stalls in the third quarter as Stone Island grows
The puffer-jacket group posted €605.5 million in revenue from July to September – flat year on year at constant exchange rates. In Europe, the Middle East and Africa, Moncler brand sales fell 8%.
Symbolic image · Photo: Deerpeter / Wikimedia Commons, CC BY-SA 4.0 (cropped and resized)
Moncler Group did not grow in the third quarter. Revenue came to €605.5 million, flat on the previous year at constant exchange rates. After nine months revenue reached €1.895 billion, up six percent at constant and three percent at current rates. Business was held back mainly by weaker tourist spending in Europe.
The core Moncler brand generated €499.6 million in the quarter, down one percent. In Europe, the Middle East and Africa sales fell eight percent, while Asia rose five percent and the Americas two percent. Direct-to-consumer sales declined two percent. At the end of September Moncler operated 305 directly run stores, seven more than at the end of June.
Stone Island did better, growing five percent to €105.9 million in the quarter, driven by Asia and the Americas. Remo Ruffini, executive chairman of the group, said the industry continued to operate in “an extremely complex environment”. He added that it is essential to maintain discipline and a strong focus on brand strategy with a long-term perspective.