Moncler, the Italian fashion group renowned for its high-end puffer jackets and owner of both the Moncler and Stone Island brands, reported a 7% increase in total revenue in the third quarter of this year. However, this growth rate was notably slower compared to the first half of the year. Analysts had predicted quarterly sales to reach EUR 664 million, according to a FactSet poll.
Moncler Brand Performance
The Moncler brand experienced a 9% rise in sales during Q3, driven by strong performance in the Asia-Pacific region. Despite facing a tough comparison base in China, the brand managed to maintain growth in this market. In Europe, the Middle East, and Africa region, the tourism recovery from the first half of the year slowed down, resulting in a 6% growth rate.
Sales in the Americas declined by 14% during this period. Moncler attributed this decline mainly to the transition of some wholesale business to direct-to-consumer channels.
Stone Island Performance
Stone Island, which constitutes a smaller part of Moncler's overall revenue, reported flat sales compared to the previous year. Similar to the Americas, Stone Island experienced a decline in revenue from this region but saw slight growth in Asia and EMEA.
Positive Outlook for Retail
Despite the challenges faced during Q3, Chief Executive Remo Ruffini expressed optimism regarding retail performance in the important fourth quarter. The winter season is a crucial period for sales of winterwear.
"As we approach the most important part of the year, we remain vigilant in light of the ongoing macroeconomic uncertainties," said Ruffini.
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