Moncler 2024 Results Exceed Expectations, China Leads
MILAN (Reuters) -Revenue at Italian outerwear maker Moncler rose 8% at constant exchange rates in the fourth quarter, above analysts expectations, helped by double digit growth in mainland China for the eponymous brand and sales improvement at its Stone Island label.
Full-year consolidated revenue rose 7% at constant exchange rates to 3.1 billion euros ($3.2 billion), the company said on Thursday, helped by the opening of 14 new shops in the year, defying the slowdown in luxury demand that hit the sector.
Asia represents almost half of Moncler's brand revenues, but the group reaffirmed that the U.S. market represents one of the largest opportunities in the years to come, as highlighted by Moncler's Chief Business Strategy Roberto Eggs in the post-results conference call.
Operating profit at the Italian luxury group rose to 916 million euros last year, the company said, beating a company-provided analysts consensus for an increase to 878 million euros.
In the conference call the group's executives said that they expected a mid-single-digit increase for prices in 2025, as a result of production inflation.
Last year French luxury group LVMH purchased a 10% stake in Double R, the investment vehicle controlled by the CEO's Ruffini Partecipazioni Holding, which is Moncler's top shareholder.
"It is very important to flag that Moncler group remains fully independent and I don't think we expect synergies because they're not involved in any strategy," Moncler Chief Executive Remo Ruffini told analysts, adding that the deal was aimed to give "stability" to the group.
Asked about possible M&A, Moncler's Chief Corporate and Supply Officer Luciano Santel said that the group is currently focused on its two brands.
($1 = 0.9590 euros)
(Reporting by Elisa Anzolin, editing by Gavin Jones and Susan Fenton)
