Moncler Group’s Q3 2024 Financial Report: Sales Decline for Moncler and Stone Island Brands
The Moncler Group, parent company of luxury brands Moncler and Stone Island, released its Q3 2024 financial report on Wednesday. The report revealed a decline in sales for both brands during the three-month period.
Overall, Moncler Group’s revenues dropped by 3%, reaching €636 million EUR ($687 million USD). Moncler’s sales were down by 3%, mainly due to a 9% decrease in the wholesale channel. This was influenced by challenging market trends and efforts to improve the quality of the distribution network. Stone Island also experienced a 4% decline in sales, but saw a strong 28% growth in the direct-to-consumer channel, offsetting the 19% decline in the wholesale channel.
Chairman and CEO Remo Ruffini acknowledged the current volatility in the industry, stating, “Our industry is facing a period of continuous volatility, characterized by a more difficult global macroeconomic context, which has been impacting consumer confidence in several markets.” Despite these challenges, Ruffini emphasized the company’s focus on building strong connections with customers and creating energy and emotions around their brands.
Ruffini highlighted Moncler’s recent “City of Genius” event in Shanghai as a successful brand experience that celebrated creativity and innovation, with a global impact. Looking ahead to the final quarter of 2024, he reaffirmed the company’s commitment to their brand-first, long-term strategy.
For more details, check out Moncler Group’s full Q3 2024 financial report.
