The Board of Directors of Moncler S.p.A. met today to review and approve the Half-year Financial Report at 30 June 2022.
In the first six months of 2022 Moncler Group reached consolidated revenues of EUR 918.4 million up 46% cFX compared with the same period in 2021 and +62% cFX compared with the first half of 2019. These results include Moncler brand revenues equal to EUR 724.3 million and Stone Island brand revenues equal to EUR 194.1 million.
In the second quarter, Group revenues were EUR 328.5 million, up 26% cFX compared with the same period of 2021 and +69% cFX compared with the second quarter of 2019, which did not include the Stone Island brand. In the second quarter, the Moncler and Stone Island brands registered revenues equal to EUR 250.9 million and EUR 77.6 million respectively.
- GROUP CONSOLIDATED REVENUE: EUR 918.4 million, an increase of 48% compared with EUR 621.8 million in the first half of 2021 (+46% at constant exchange rates, cFX) and +62% cFX on H1 2019.
- MONCLER BRAND: revenues at EUR 724.3 million, +27% cFX compared with the first half of 2021 and +28% cFX on the same period of 2019;
- Continued the strong double-digit growth also in the second quarter at +23% cFX compared with the same period of previous year and +30% cFX compared with the second quarter of 2019.
- STONE ISLAND BRAND: revenues at EUR 194.1 million in the first half of 2022 up +33% cFX compared with the first half of 2021 pro-forma since the Stone Island consolidation occurred on 1 April 2021;
- Q2 at +35% cFX compared with same period of previous year driven by a solid growth in all regions.
- EBIT: EUR 180.2 million with a margin on revenues of 19.6% compared with EUR 92.82 million with a margin of 14.9% in the first half of 2021.
- GROUP NET RESULT: EUR 211.3 million compared with EUR 58.7 million in the first half of 2021, including also the extraordinary tax benefit of EUR 92.3 million for the Stone Island brand tax value realignment.
- GROUP NET FINANCIAL POSITION3: EUR 356.3 million in cash (EUR 729.6 million at 31 December 2021 and EUR 233.9 million at 30 June 2021), after EUR 156.4 million of dividends’ payment, EUR
48.4 million of shares’ buy-back, and EUR 124.1 million of substitute tax payment for the Stone Island brand tax value realignment. At 30 June 2022, lease liabilities were EUR 739.9 million (EUR 710.1 million at 31 December 2021 and EUR 734.9 million at 30 June 2021).
REMO RUFFINI, Chairman and Chief Executive Officer of Moncler S.p.A., commented: "Even though the first half of the year was marked by strong macroeconomic and geopolitical instability, we have exceeded our expectations, reaching 918 million euros in revenues and growth of a 46% at constant exchange rates. We also reported great operating margins along with solid economic and financial indicators, driven by the contribution of both brands, Moncler and Stone Island.
While the overall context remains uncertain and volatile, we head into our most important part of the year with confidence, underpinned by our strategy and the operational flexibility that has always made us stand out, together with a financial solidity and a clear vision oriented towards the continuous strengthening of the Brands.
This year also marks two important anniversaries: 70 years for Moncler and 40 years for Stone Island. In the upcoming months, we are preparing to celebrate our heritage with a range of dedicated initiatives and various projects for the years to come, always maintaining an awareness that there is no future without a past, and that the past alone is not enough to ensure a bright future."
As of 30 June 2022, the net financial position was positive and equal to EUR 356.3 million compared with EUR 729.6 million of net cash at 31 December 2021 and with EUR 233.9 million at 30 June 2021. As required by the IFRS 16 accounting standard, at 30 June 2022 the Group accounted EUR 739.9 million of lease liabilities compared with EUR 710.1 million at 31 December 2021 and EUR 734.9 million at 30
Net consolidated working capital was EUR 187.2 million compared with EUR 180.0 million at 30 June 2021, equal to 8.0% of last-twelve-months revenues (9.6% at 30 June 2021 and 7.0% at 31 December
2021). The decrease in the incidence reflects the continuous and rigorous control of the working capital levels at both brands, Moncler and Stone Island.
In the first half of 2022, net capital expenditures were EUR 36.5 million compared with EUR 49.8 million in the first half of 2021, that included EUR 11.1 million of key money. The investment costs also include general infrastructure costs for EUR 17.1 million, in line with the first half of 2021 and mainly related to Information Technology and the expansion of the production sites.
Net cash flow in the first half of 2022 was negative for EUR 373.3 million after the payment of EUR 156.4 million of dividends, EUR 48.4 million of shares’ buy-back, and EUR 124.1 million of payment for the aforementioned Stone Island brand tax value realignment.
Despite the continuing uncertainty on the geopolitical, economic and health front, the Moncler Group believes it has a portfolio of unique brands and clear and effective development strategies to continue to grow also in 2022.
These are the main strategic lines of development.
- STRENGTHENING OF ALL MONCLER BRAND DIMENSIONS. 2022 will be an important year for Moncler in which the development lines will be defined based on the strengthening of the three dimensions of the Brand: Moncler Collections, Moncler Genius and Moncler Grenoble. Moncler will also continue to consolidate its omnichannel approach supported by the digital business through many initiatives, also related to the celebration of the 70th anniversary of the Brand, aimed at strengthening the unique relationship with its customers and increasing knowledge and loyalty.
- DEVELOPMENT OF THE STONE ISLAND BRAND AT INTERNATIONAL LEVEL AND IN THE DTC. During the year 2022, Stone Island will continue its path towards the internalisation of markets still managed by distributors, starting with Korea (run from 1/1/2022 by a joint venture of which Stone Island holds a majority stake), the strengthening of core markets, such as the European ones, and the penetration of less mature markets but with high potentials such as North America and China. The expansion of Stone Island in the Direct-To-Consumer (DTC) channel will also continue not only with selected DOS openings but also by researching – with a new store design, and with targeted clienteling and communication strategies –distinctive and unique languages to strengthen the unique positioning of the Brand, which has the culture of research and experimentation in its own identification and value matrix.
- SUSTAINABLE AND RESPONSIBLE GROWTH. The Moncler Group believes in sustainable, responsible, long-term development, in pursuit of shared value that meets the expectations of its stakeholders. The five strategic priorities of its Sustainability Plan are: climate action, circular economy and innovation, fair sourcing, enhancing diversity, and giving back to local communities. In 2022, Moncler is committed to reach the sustainability target communicated in the 2020-2025 plan.
- PERVASIVE DIGITAL CULTURE. Developing and implementing its strategy digitally is an increasingly important goal for a Group that believes in a “Digital First” approach. In 2021, the Group completed the internalisation of the Moncler brand's direct online. In 2022, the goal is to strengthen both brands
in this channel also with new platforms.
With its brands Moncler and Stone Island, the latter acquired in March 2021, Moncler Group represents the expression of a new concept of luxury. True to its philosophy "Beyond Fashion, Beyond Luxury”, the Group strategy is centered on experience, a strong sense of purpose and belonging to a community while taking inspiration from the worlds of art, culture, music, and sports. Alongside supporting the individual brands sharing corporate services and knowledge, Moncler Group aims to maintain its brands’ strong independent identities based on authenticity, constant quest for uniqueness, and formidable ties with their consumer's communities. Operating in all key international markets, the Group distributes its brands’ collections in more than 70 countries through directly operated physical and digital stores as well as selected multi-brand doors, department stores and e-tailers.