On February 24, the group reported revenue of more than €2 billion, up 44% from €1.4 billion in 2020, eight years after its initial public offering and through a global pandemic, said its chairman and chief executive executive Remo Ruffini said proudly on a conference call with analysts.
Sales were up 28% compared to 2019. Sales rose 40% to 868.9 million euros in the fourth quarter compared with the same period in 2019.
“Moncler’s 2021 can be summed up in three words: Group, vision and results. Group, because the integration process with Stone Island has begun and is already yielding very positive results,” said Ruffini. “Vision, because in this ‘abnormal world’, our vision remains strong and clear: we must continue to drive and expand our communities, integrate sustainability into every business decision, and ensure that digitalization is increasingly a factor in change and development engine. And finally the results, because even in 2021 we achieved excellent results thanks to the ability of all our employees to always complete challenging projects with great rigor and energy.”
Net profit rose 37% to 411.4 million euros from 300.4 million euros in 2020. Compared to 2019, this was an increase of 14.7% from €358.7 million. Ruffini also touted free cash flow of €550.3 million, above pre-COVID-19 levels compared with €195.5 million in 2020.
Revenues in Asia increased by 27% in 2021 compared to 2019, reaching €894.8 million. In the fourth quarter, Asia grew 39% compared to 2019, driven by growth in China and South Korea, as well as Japan. In particular, mainland China also continued to record nearly triple-digit revenue growth in the fourth quarter.
In Europe, the Middle East and Africa, sales were 624.5 million euros, down 3% compared to 2019, but continued to accelerate in the fourth quarter, exceeding pre-pandemic levels by 16%. Local customers, all channels and countries contributed to this result, with the direct online channel in particular continuing to benefit from strong double-digit growth.
During the year, Italy generated about a quarter of the region’s revenue. The Americas accelerated sharply in the fourth quarter, with sales rising 31% compared to the fourth quarter of 2019 and 20% for the full year, driven by direct-to-consumer channels in the U.S. and Canada.
When asked about the price increase, Santel said that prices for the autumn 2022 collection have increased by 10% “in the face of increases in production costs, raw material prices and labor costs”, but that the group has no plans to increase prices in the spring and may increase prices in the spring. Raise them in spring 2023.
In 2021, Moncler’s direct-to-consumer channel grew by 16% compared to 2019, achieving revenue of €1.4 billion. Growth was strong in the fourth quarter, up 31% from the same period in 2019.
The wholesale channel grew 8% in 2019 to €394.9 million. Revenues from the wholesale channel increased 19% in the fourth quarter compared with the same period in 2019. Moncler currently has 237 directly operated stores and operates 64 wholesale store-in-stores.
Main competitor Canada Goose Holdings Inc. (TSE:GOOS; NYSE:GOOS) Canada Goose is currently copying Moncler SpA’s strategy and increasing categories other than parka jackets. The Canadian company also developed through the acquisition of Baffin Inc. in 2018 Shoe business. However, compared with Moncler, Canada Goose’s products are more single, and the company’s aggressive expansion in the Chinese market bears huge risks.
</p
