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Moncler
Earnings Release • May 4, 2023
4110_ir_2023-05-04_d3febc50-b0f2-4726-9f05-fc75c9b39310.pdf
Earnings Release
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| Informazione Regolamentata n. 1218-23-2023 |
Data/Ora Ricezione 04 Maggio 2023 17:31:26 |
Euronext Milan | |
|---|---|---|---|
| Societa' | : | MONCLER | |
| Identificativo Informazione Regolamentata |
: | 176363 | |
| Nome utilizzatore | : | MONCLERN03 - Bonante | |
| Tipologia | : | 2.2 | |
| Data/Ora Ricezione | : | 04 Maggio 2023 17:31:26 | |
| Data/Ora Inizio Diffusione presunta |
: | 04 Maggio 2023 17:31:28 | |
| Oggetto | : | Q1 2023 Interim Management Statement | |
| Testo del comunicato |
Vedi allegato.
Q1 GROUP REVENUES +23% cFX WITH MONCLER BRAND +28% cFX. STRONG DOUBLE-DIGIT GROWTH IN THE DTC CHANNEL AT BOTH BRANDS.
The Board of Directors of Moncler S.p.A. approved the Interim Management Statement for the first three months of 20231 .
- GROUP CONSOLIDATED REVENUES: EUR 726.4 million, an increase of +23% at current and constant (cFX) exchange rates compared to EUR 589.9 million in the first three months of 2022.
- MONCLER BRAND: revenues at EUR 604.8 million, +28% at current and constant exchange rates compared with the first three months of 2022;
- Strong double-digit growth in the Direct-To-Consumer (DTC2 ) channel, at +34% cFX, accelerating sequentially compared to the previous quarter.
- Great performance in Asia (+32% cFX), boosted by Chinese demand after the lifting of Covid-related restrictions as well as very good growth in Japan and Korea.
- Very solid growth also in EMEA (+29% cFX), driven by both local demand and tourist purchases.
- Americas at +9% cFX, accelerating sequentially compared to the previous quarter, notwithstanding the significant number of US tourists buying outside of the region.
- STONE ISLAND BRAND: revenues at EUR 121.6 million, up 5% cFX (+4% at current exchange rates) compared with EUR 116.5 million of the first three months of 2022;
- Strong double-digit growth in the DTC channel (+40% cFX), driven mainly by EMEA.
- Robert Triefus appointed Chief Executive Officer of Stone Island, effective 1 June 2023.
- MONCLER BRAND: revenues at EUR 604.8 million, +28% at current and constant exchange rates compared with the first three months of 2022;
***
1 This applies to all pages of this press release: growth rates at constant exchange rates if not otherwise stated, rounded
figures to the first decimal place. 2 The DTC channel includes revenues from DOS, direct online and e-concessions.
REMO RUFFINI, Chairman and Chief Executive Officer of Moncler S.p.A., commented:
"We are extremely satisfied with the results achieved in this first quarter of the year, with Group revenues growing by 23% at constant exchange rates.
Both our brands recorded strong double-digit growth in the DTC channel, reflecting their very solid momentum, a strong connection with consumers and the excellent execution of our strategy.
We have kicked off the year with a new chapter for Moncler Genius. With an extraordinary event at Olympia London that saw the participation of over 12,000 people and achieved an unprecedented reach & engagement, Moncler Genius has evolved from a universe of collaborations into a real platform for co-creation among different sectors, showcasing the cultural relevancy of the brand worldwide.
In the coming months, our focus remains firmly on both the development of the three dimensions of the Moncler brand and the evolution of Stone Island, in order to make our brands even stronger and more distinctive.
The year has just begun, the geopolitical context remains uncertain and the most important months are still ahead of us, but we are ready to face them and to capture new exciting opportunities."
Milan, 4 May 2023 – The Board of Directors of Moncler S.p.A. met today to review and approve the Interim Management Statement for the first three months 2023.
***
In these first three months of 2023 Moncler Group achieved consolidated revenues of EUR 726.4 million up 23% cFX compared with the same period of 2022. These results include Moncler brand revenues of EUR 604.8 million and Stone Island brand revenues of EUR 121.6 million.
| MONCLER GROUP | Q1 2023 | Q1 2022 | % vs 2022 | |||
|---|---|---|---|---|---|---|
| EUR 000 | % | EUR 000 | % | rep FX | cFX | |
| Moncler | 604,849 | 83.3% | 473,383 | 80.3% | +28% | +28% |
| Stone Island | 121,573 | 16.7% | 116,478 | 19.7% | +4% | +5% |
| REVENUES | 726,423 | 100.0% | 589,861 | 100.0% | +23% | +23% |
Moncler Group: Revenues by Brand
MONCLER BRAND
In the first three months of 2023, Moncler brand revenues were EUR 604.8 million, +28% cFX compared with the same period of 2022, mainly driven by the great performance of the DTC channel in Asia and EMEA.
| MONCLER | Q1 2023 | Q1 2022 | % vs 2022 | |||
|---|---|---|---|---|---|---|
| EUR 000 | % | EUR 000 | % | rep FX | cFX | |
| Asia | 304,405 | 50.3% | 232,519 | 49.1% | +31% | +32% |
| EMEA | 215,938 | 35.7% | 167,432 | 35.4% | +29% | +29% |
| Americas | 84,506 | 14.0% | 73,432 | 15.5% | +15% | +9% |
| REVENUES | 604,849 | 100.0% | 473,383 | 100.0% | +28% | +28% |
Moncler Brand: Revenues by Geography
In Asia (which includes APAC, Japan and Korea), revenues in the first three months grew by 32% cFX compared with the first three months of 2022. Growth was driven by strong demand from Chinese customers, also due to the lifting of Covid-related restrictions. In addition, both Korea and Japan continued to record strong growth rates.
In EMEA, revenues in the first three months increased by 29% cFX compared with the same period of 2022, driven by strong demand from both local customers and tourists, especially Americans and Koreans. The growth in the region has been particularly strong in the DTC channel.
Revenues in the Americas in the first three months grew by 9% cFX compared with the same period of 2022, and also accelerated compared to Q4 2022 despite the significant number of US tourists buying outside of the region, particularly in Europe.
| MONCLER | Q1 2023 | Q1 2022 | % vs 2022 | |||
|---|---|---|---|---|---|---|
| EUR 000 | % | EUR 000 | % | rep FX | cFX | |
| DTC | 501,538 | 82.9% | 377,198 | 79.7% | +33% | +34% |
| Wholesale | 103,312 | 17.1% | 96,186 | 20.3% | +7% | +5% |
| REVENUES | 604,849 | 100.0% | 473,383 | 100.0% | +28% | +28% |
Moncler Brand: Revenues by Channel
In the first three months of 2023, the DTC channel recorded revenues of EUR 501.5 million, +34% cFX compared with the same period of 2022, driven by the strong performance of all markets, in both the physical and digital retail channels.
The wholesale channel reported revenues of EUR 103.3 million, an increase of 5% cFX compared with the first three months of last year, notwithstanding the impact of the conversions performed in 2022 of some shop-in-shops (SiS) and e-tailers into concessions.
As of 31 March 2023, the network of Moncler mono-brand stores comprised 255 directly operated stores (DOS), an increase of 4 units compared to 31 December 2022, including Dallas, London Heathrow and Seoul HD Mok-dong. Moreover, the brand also counted 61 wholesale shop-in-shops (SiS), a decrease of 2 units compared to 31 December 2022.
Moncler Brand: Mono-brand Distribution Network
| MONCLER | 31.03.2023 | 31.12.2022 | 31.03.2022 |
|---|---|---|---|
| Asia | 127 | 125 | 117 |
| EMEA | 89 | 88 | 85 |
| Americas | 39 | 38 | 36 |
| RETAIL | 255 | 251 | 238 |
| WHOLESALE | 61 | 63 | 65 |
STONE ISLAND BRAND
In the first three months of 2023, Stone Island brand revenues were equal to EUR 121.6 million, +5% cFX compared with EUR 116.5 million recorded in the same period of 2022.
Stone Island Brand: Revenues by Geography
| STONE ISLAND | Q1 2023 | Q1 2022 | % vs 2022 | |||
|---|---|---|---|---|---|---|
| EUR 000 | % | EUR 000 | % | rep FX | cFX | |
| EMEA | 87,834 | 72.2% | 84,838 | 72.8% | +4% | +4% |
| Asia | 22,949 | 18.9% | 18,456 | 15.8% | +24% | +28% |
| Americas | 10,790 | 8.9% | 13,183 | 11.3% | -18% | -20% |
| REVENUES | 121,573 | 100.0% | 116,478 | 100.0% | +4% | +5% |
EMEA, which is still the most relevant region for the brand with EUR 87.8 million sales in the first three months, grew by 4% cFX compared with the same period of the previous year, driven mainly by Italy and France.
Asia (which includes APAC, Japan and Korea) reached EUR 22.9 million in revenues in the first three months, growing 28% cFX compared with the same period of 2022, as a result of both great organic growth in APAC and the effect of 16 wholesale to retail store conversions in Japan on 1 August 2022. The performance of the Korean market was weaker than other Asian markets, also due to the impact of the ongoing changes in business model.
The Americas recorded EUR 10.8 million in revenues, down 20% cFX compared with the first three months of 2022, as wholesale performance was impacted by a weaker business trend and resulting cautious approach among department stores. Meanwhile, the DTC channel recorded a positive performance.
Stone Island Brand: Revenues by Channel
| STONE ISLAND | Q1 2023 | Q1 2022 | % vs 2022 | |||
|---|---|---|---|---|---|---|
| EUR 000 | % | EUR 000 | % | rep FX | cFX | |
| DTC | 39,117 | 32.2% | 28,327 | 24.3% | +38% | +40% |
| Wholesale | 82,457 | 67.8% | 88,151 | 75.7% | -6% | -7% |
| REVENUES | 121,573 | 100.0% | 116,478 | 100.0% | +4% | +5% |
The wholesale channel recorded EUR 82.5 million in revenues in the first three months of 2023, down 7% cFX compared with the same period of the previous year, mainly due to the conversions from wholesale to retail in Asia over the course of 2022. The Group continued to adopt a very selective strategy in the management of this channel with strict volume control.
The DTC channel recorded revenues of EUR 39.1 million in the first three months, +40% cFX compared with the same period of 2022, benefiting from very strong organic growth in EMEA and the abovementioned conversions. Excluding the impact of these conversions, the performance of this channel would still be double-digit positive. The direct online channel also grew double-digits in the quarter.
As of 31 March 2023, the network of Stone Island mono-brand stores comprised 71 DOS stores, a decrease of 1 unit compared to 31 December 2022, as a result of 2 closures and 1 opening. The Stone Island brand also counted 19 mono-brand wholesale stores, in line with 31 December 2022.
| STONE ISLAND | 31.03.2023 | 31.12.2022 | 31.03.2022 |
|---|---|---|---|
| Asia | 43 | 44 | 28 |
| EMEA | 21 | 21 | 20 |
| Americas | 7 | 7 | 6 |
| RETAIL | 71 | 72 | 54 |
| WHOLESALE | 19 | 19 | 35 |
Stone Island Brand: Mono-brand Distribution Network
ROBERT TRIEFUS APPOINTED CHIEF EXECUTIVE OFFICER OF STONE ISLAND
Robert Triefus is appointed Chief Executive Officer of Sportswear Company S.p.A., the company that develops, produces and distributes the Stone Island brand.
Following a long career in the luxury sector, Triefus will start his role on 1 June 2023 and will report to the Board of Directors of Sportswear Company S.p.A., chaired by Carlo Rivetti.
As Stone Island approaches the end of the first phase of its development, in which it has taken direct control of the main markets in which it operates, Triefus will lead the second phase of development, dedicated to the strategic evolution of the brand and the growth of its international relevance.
OTHER RESOLUTIONS
The Board of Directors today also resolved to execute the second cycle of the stock grant plan named "2022 Performance Shares Plan" approved by the Shareholders' Meeting on 21 April 2022 and, as a result, upon favourable opinion of the Nomination and Remuneration Committee, approved the allocation of 431,385 shares to 82 beneficiaries, including one Manager of the Group with Strategic Responsibilities, upon achievement of performance targets at the end of the vesting period.
The manager in charge of preparing corporate accounting documents, Luciano Santel, declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the accounting figures, books and records.
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FOR ADDITIONAL INFORMATION:
INVESTORS MEDIA
Elena Mariani Moncler Group Strategic Planning and Investor Relations Director Tel. +39 02 42203560 [email protected]
Alice Poggioli Moncler Group Investor Relations Senior Manager Tel. +39 02 42203658 [email protected]
Moncler Group Press Office Tel. +39 02 42203528 [email protected]
About Moncler
With its brands Moncler and Stone Island, the latter acquired in March 2021, Moncler Group represents the expression of a new concept of luxury. True to its philosophy "Beyond Fashion, Beyond Luxury", the Group strategy is centered on experience, a strong sense of purpose and belonging to a community while taking inspiration from the worlds of art, culture, music, and sports. Alongside supporting the individual brands sharing corporate services and knowledge, Moncler Group aims to maintain its brands' strong independent identities based on authenticity, constant quest for uniqueness, and formidable ties with their consumer's communities. Operating in all key international markets, the Group distributes its brands' collections in more than 70 countries through directly operated physical and digital stores as well as selected multi-brand doors, department stores and e-tailers.