Moncler's third-quarter sales stall as tourist spending in Europe dries up; Stone Island keeps growing
Moncler Group revenue was flat at €605.5 million in the third quarter at constant exchange rates. The Moncler brand slipped 1% and EMEA fell 8% on weaker local demand and fewer Asian tourists, while Stone Island grew 5% and Asia rose 5%.
Italian luxury group Moncler reported third-quarter revenue of €605.5 million, flat at constant exchange rates, held back by a slowdown in tourist spending and local demand in Europe, the Middle East and Africa (EMEA), the company and SGB Media reported. Over nine months revenue reached €1.895 billion, up 6%.
By brand
Revenue at the Moncler brand fell 1% to €499.6 million in the quarter, hit by a slowdown in its own stores (DTC), which declined 2%. Regionally, EMEA fell 8% because of softer local demand and continued subdued tourist flows, particularly from Asia. Asia (APAC, Japan and Korea) rose 5%, with all countries growing, and the Americas gained 2%. Wholesale rose 2%.
Stone Island grew 5% to €105.9 million, with Asia up 19% and the Americas up 13%, while EMEA was flat as the brand cut back on markdowns.
Stores
Moncler ended September with 305 directly operated stores, seven more than at the end of June, after opening a flagship on New York’s Fifth Avenue and a store at Crystals in Las Vegas and expanding its Champs-Élysées store in Paris. Executive chairman Remo Ruffini said the industry continued to “navigate an extremely complex environment”.
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