Moncler Group Achieves Milestone with Over 1 Billion Euro Revenues in First Half

Sales Climbed 24 Percent YOY In The First Six Months Of The Year

Moncler Group has achieved a historic milestone as its revenues surpassed the 1 billion euro mark for the first time in the initial half of the year, according to chairman and CEO, Remo Ruffini.

The group reported impressive revenues of 1.13 billion euros in the first six months, showcasing a remarkable 24 percent growth compared to the same period last year when revenues were 918.4 million euros.

It’s a testament to the great teamwork, innovative thinking, and customer-centric approach that defines our group. At Moncler, we are driving a new level of engagement with our customers all around the globe, leveraging all the dimensions of the brand. At Stone Island, we have just started the second chapter of the evolution of this unique brand under the leadership of the newly appointed CEO.

– Reme Ruffini, Chairman and CEO Moncler Group

With a strong net financial position of 470.7 million euros, Moncler is in a favorable position for potential merger and acquisition opportunities. However, the focus remains on enhancing its own manufacturing capacity, as demonstrated by the construction of a new production factory in Romania last year to double its capabilities.

Given Moncler’s strong financial position, Luciano Santel, the group’s chief corporate and supply officer, was asked about other potential acquisition opportunities “Stone Island is an amazing brand, we are building the team, also with a new CMO and digital director, but we bought it because of the love for the brand and we were able to connect the two families. Now there is no specific project and no thought of an acquisition, which may happen in the future but independently of the cash.”

During this period, the Moncler brand witnessed exceptional growth, with revenues reaching 935 million euros, marking a substantial 29 percent increase, up 32 percent at constant exchange rates. The direct-to-consumer channel saw remarkable success, recording a 45 percent growth in the second quarter across all major regions.

Meanwhile, Stone Island reported revenues of 201.6 million euros in the first half, showcasing a steady 4 percent rise compared to the same period in 2022, up 5 percent at constant exchange rates. The brand aims to develop its international presence further, particularly in core markets, while expanding its reach in regions with high growth potential.

Moncler’s success in Asia was particularly noteworthy, with revenues soaring 37 percent to 456.7 million euros in the first half, accounting for almost 49 percent of the total. The Americas, however, experienced a 9 percent gain in revenues, and declined 5 percent in the second quarter, due to the impact of the conversion of Nordstrom from a wholesale to a hybrid business model, while the EMEA area saw a notable 29 percent increase.

Moncler Zurich

Moncler Group has achieved remarkable results in the first half of 2023, showcasing strong growth in various channels and regions. The direct-to-consumer (d-to-c) channel recorded revenues of 757.5 million euros, marking an impressive 36 percent increase. In the second quarter alone, revenues surged by 45 percent, with Asia leading the way, delivering robust double-digit growth.

Like-for-like sales also saw a substantial climb of 34 percent in the first half, highlighting the brand’s continued appeal to consumers. The wholesale channel reported revenues of 177.5 million euros, witnessing a modest yet steady growth of 5 percent.

Moncler Group’s commitment to its retail presence is evident with 257 directly operated stores as of June 30, as well as 59 wholesale shops-in-shop, reinforcing its global reach and accessibility to customers.

Stone Island demonstrated positive performance in the EMEA region, with sales reaching 145.6 million euros, showing a commendable 5 percent increase from the same period last year. The second quarter further bolstered revenues with an 8 percent rise, primarily driven by the strong performance of the d-to-c channel.

Asia’s revenues for Stone Island reached an impressive 38.8 million euros in the first half, growing by 17 percent. The second quarter continued the upward trajectory with a growth of 13 percent, particularly buoyed by a solid showing in mainland China and Japan, along with positive impacts from the 2022 wholesale to d-to-c conversions in Japan. While the Korean market experienced softer performance due to ongoing business model changes, Stone Island’s growth in Asia remains promising.

In contrast, the Americas experienced a temporary decline, with revenues down by 24 percent in the first half and 31 percent in the second quarter. This can be attributed to a more cautious approach from department stores and softer business trends impacting the wholesale channel.

Despite challenges in the wholesale channel, Stone Island’s d-to-c channel thrived, registering a 21 percent growth to reach 73.7 million euros in the first half, comprising 37 percent of the total revenues. Stone Island had 74 directly operated stores. The second quarter further exemplified this success with a 9 percent growth, primarily driven by strong double-digit growth in the EMEA, APAC, and Japan regions, which more than offset challenging trends in the Americas and Korea.


At the group level, marketing expenses for the first half amounted to 101.6 million euros, representing 8.9 percent of revenues, a significant difference from the previous year’s 5.4 percent, attributed to a different phasing of marketing activities. Looking ahead, Santel expects the incidence on revenues to be around 7 percent by the end of the year, in line with the previous fiscal year.

Moncler Group has also made strategic capital expenditures, with investments totaling 69.5 million euros in the first half, compared to 36.5 million euros in the same period last year. The distribution network accounted for 37.9 million euros of these investments, with a significant portion dedicated to renovation and expansion projects. Additionally, 31.6 million euros were allocated to infrastructure, mainly related to IT, production, and logistics.

With a strong net financial position of 470.7 million euros in net cash as of June 30, Moncler Group remains well-positioned for continued growth and strategic investments in the future. The company’s steadfast commitment to its diverse channels and expansion plans demonstrates its resilience and dedication to staying at the forefront of the luxury fashion industry.

Looking ahead, Moncler Group is focused on strengthening its brand dimensions, including Moncler Collection, Grenoble, and Genius. The brand is committed to co-creation and expanding its performance-oriented collections. Stone Island, on the other hand, aims to solidify its position in core markets while exploring opportunities for growth in less mature regions.

Despite a challenging business climate, Moncler Group has shown resilience and achieved remarkable results in the first half of the year, setting the stage for continued success in the future. With a strong financial position and strategic focus on expansion, the group is well-positioned to navigate the ever-evolving landscape of the luxury fashion industry.