Moncler Group said consolidated revenues were up 7 per cent year-on-year to €3.1 billion for full-year 2024, compared with €2.98 billion in 2023, beating analyst expectations. Moncler shares shot up over 8 per cent following the results.
By brand, Moncler revenues were up 8 per cent to €2.7 billion, while Stone Island revenues were down 1 per cent to €401.6 million.
“I’m proud to say that in 2024, our group achieved remarkable results, despite a complex and volatile environment,” chairman and CEO Remo Ruffini told investors on Thursday. “This result proved the solidity of our business model and operational discipline.”
“Over the past year, we have focused even more on what makes our brand truly distinctive,” Ruffini continued, citing activations from Moncler’s St Moritz Grenoble trip to Shanghai’s Moncler City of Genius mega-event. “This has been the most impactful brand event we have been able to accomplish as a team yet,” chief brand officer Gino Fisanotti agreed, referring to the latter.
For the fourth quarter, Moncler saw 8 per cent year-on-year growth (an acceleration on Q3), and Stone Island was up 10 per cent year-on-year. Direct-to-consumer (DTC) was a strong driver for both brands, pushing revenues up 9 and 15 per cent, respectively. This was a marked improvement on last quarter, when chief corporate and supply officer Luciano Santel told investors that a weak e-commerce performance in Europe impacted the brand’s DTC revenues, which were flat in Q3 after growing in the first half of the year.
In 2024, Moncler saw strong growth across all regions. Asia revenues were up 11 per cent to €1.3 billion. This was supported by a return to double-digit growth in Mainland China, according to chief business strategy and global market officer Roberto Eggs, not only in China, but also offshore among Chinese consumers in Korea and Europe. “Despite a high comparable base and macroeconomic conditions, Japan and Korea and the rest of Asia-Pacific also delivered a solid performance,” he added. EMEA (Europe, the Middle East and Africa) revenues were up 5 per cent to €949.3 million, while the Americas were up 4 per cent to €379 million, partly due to American spending in Europe, especially in Paris and Milan, added Eggs.
The US represents one of the largest opportunities for the years to come, Eggs said, noting that growth will be a multi-year effort, as it was in Europe and China. “We have been completely revamping and reviewing the what was half of the business a couple of years ago, which is the wholesale approach that we have in the US,” he said, noting shifts to hybrid and concession models with US retailers. “We have now the integration of Neiman Marcus with Saks, which we believe could represent a good opportunity to have an approach that is slightly different than the one we had in the past.”
Eggs also flagged successful experimentation in warmer cities like Houston, Dallas and Atlanta. That said, the brand is banking on Moncler’s early-2026 Fifth Avenue store opening to mark the brand’s official amping up of US expansion. “[It presents] a big opportunity to take more visibility and ownership of New York City, which is the first part of the conquest of the US market for us.”
Though Stone Island saw strong growth in Asia (up 23 per cent), EMEA and the Americas lagged, with revenues down 7 per cent and 18 per cent, respectively. Asia’s performance was driven by strong growth in Japan.
“This past year has been a year of great focus on brand positioning and brand visibility,” Stone Island CEO Robert Triefus told investors. “The overarching goal is to expand our audience by reaching new consumer segments, while of course maintaining the strong bond with the communities the brand has cultivated over time, loyal enthusiasts who’ve worn the Stone Island badge with pride for years.”
Looking forward, pricing-wise, Moncler anticipates a single-digit increase due to inflationary pressures throughout the group’s production cycle.
“As we move into 2025, we see the global macroenvironment still uncertain,” Ruffini said. “Yet we are confident in our ability to navigate the future inspired by what we’ve believed since day one: never compromise, never get bored — so we don’t bore others — [and] always dream, to make others dream.”
Correction: Moncler revenues in the fourth quarter were $2.7 billion, not million as previously reported. Also corrects quote attribution about Moncler s US expansion to Roberto Eggs, not Remo Ruffini.
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