Moncler also recovers in the first quarter (too bad for Europe)

Moncler also recovers in the first quarter (too bad for Europe)

Moncler also recovers in the first quarter of 2021: revenues are close to the pre-pandemic level (-2% at constant exchange rates). North America and China did well, while it was Europe that held back further momentum. Remo Ruffini, president and CEO of Moncler, judged the result as “very good” but, he warns, “we still have a lot to do. The next few months will also be fundamental for the projects we are developing”. All this, hoping that 2021 will be “the year of rebirth”.

Moncler also recovers

Moncler closed the first three months of the year with revenues of 365.5 million euros, +21% at constant exchange rates and +18% at current exchange rates, compared to the same period of 2020. The comparison with the first quarter of 2019 shows, however, a 2% reduction at constant exchange rates. Over half of the turnover came from Asia, an area whose revenues grew by 53% at constant exchange rates. The Americas did well (+34%), Italy (-16%) and EMEA (-15%) were negative.

The European exposure

“We suffered more exposure than other groups in Europe, where blocking measures continued for much of the first quarter,” Luciano Santel, the brand’s Chief Corporate Officer. It was reported by Reuters, who also reported a comment from Bernstein’s analysts, who had predicted a growth of 19%, compared to the +18% recorded. For the latter, the fact that Europe is the one to negatively weigh, “is not excessively surprising. Moncler is less developed globally than bigger competitors,” analysts said.

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