Italian fashion house Moncler Group has reported revenue of €1.23 billion (approximately $1.33 billion) for the first half of fiscal year 2024 (H1 FY24), up 11% at constant exchange rates (cFX) and up 8% at current exchange rates compared to €1.136 billion for the first half of fiscal year 23.
Moncler Group reported revenue of €1.23 billion (approx. $1.33 billion) in the first half of fiscal year 2024, up 11 percent at constant exchange rates. EBIT increased to €258.7 million, with net income of €180.7 million. Revenue for the Moncler brand grew 15 percent to €1.041 billion. Stone Island revenue fell 5 percent to €188.9 million, but saw DTC growth of 27 percent.
The group's earnings before interest and taxes (EBIT) stood at €258.7 million in the first half of fiscal year 2024, compared with €217.8 million in the same period of fiscal year 2023, and the EBIT margin improved to 21% from 19.2%. The group's net income was €180.7 million, compared with €145.4 million in the first half of fiscal year 2023, the company said in a press release.
Moncler brand revenues in the first half of fiscal year 2024 were €1,041 million, reflecting an increase of 15 percent at constant exchange rates and an increase of 11 percent at current exchange rates compared to €935 million in the first half of fiscal year 2023. The second quarter recorded solid year-over-year growth of 5 percent at constant exchange rates, driven by an 8 percent increase in the direct-to-consumer (DTC) channel, despite a very high comparable base. All regions contributed positively to DTC growth, with the EMEA region standing out.
Stone Island's revenue for the first half of fiscal year 2024 was €188.9 million, down 5% at constant exchange rates and 6% at current exchange rates compared to €201.6 million for the first half of fiscal year 2023. In the second quarter, Stone Island's revenue decreased 4% at constant exchange rates compared to the same period last year. However, the brand experienced strong double-digit growth in the DTC channel, which increased 27% year-over-year at constant exchange rates, almost completely offsetting the 28% decline in the wholesale channel.
“We are very pleased with the solid results we achieved in the first half of the year in a generally complex operating environment for the luxury goods sector. Our two brands enjoyed strong growth in the DTC channel in all regions and the group achieved a remarkable operating profit, exceeding €250 million,” he said. Remo Ruffini, President and CEO of Moncler.
Fibre2Fashion (DP) Press Desk
