The first quarter closed with growth of 13% (+16% at constant exchange rates). Monclerwhich totaled revenues of 818 million euros, compared to 726.4 million in the first three months of 2023. A result that seems to have exceeded the estimates of analysts, who estimated growth of 7 percent for the Italian luxury group .
Looking at the geographical breakdown of performance, in the quarter revenues in Asia (which includes Apac, Japan and Korea) grew by 26% at constant rates (+19% at current rates) compared to the same period of 2023, driven “by growth very solid recorded in mainland China despite a very challenging comparison base and the increase in Chinese consumption abroad”, explains the note accompanying the results. Japan and Korea continued to post “strong performance thanks to positive contributions from both tourists and local consumers.”
In the EMEA area, revenues in the first three months of 2024 grew by 15% compared to Q1 2023 (+14% at current rates), accelerating sequentially thanks to the strength of the direct-to-consumer channel, driven by a further improvement in purchases by tourists and solid demand from local consumers. Chinese, Korean and American customers remained the main contributors to tourist purchases in the region.
Revenues from the Americas, at the same time, grew by 14%, an improvement compared to the previous quarter with the strong performance of the direct channel which offset the decline recorded in the wholesale channel. The region’s performance for both channels continued to be impacted by the conversions of Nordstrom and part of Saks from a wholesale to a direct-to-consumer business model, the group said.
Driving the quarterly performance, which is part (accompanied overall by a positive sign) in a waltz of so far less encouraging accounts, Lvmh a Drythe result of the flagship brand, which generated revenues of 705 million euros in the three months, up 17% at current exchange rates, compared to 604.8 million in Q1 2023. Single digit decline, however, for the brand Stone Island, which suffered a decline of 7% in the period, totaling sales of 113 million euros, compared to 121.6 in the same quarter of the previous year due to the decline in the wholesale channel (particularly relevant for the brand which, however, recorded an increase in sales in monobrand retail). However, as for Moncler, the direct-to-consumer front did well, “with the positive contribution of all the regions”.
“Our group – he comments Remo Ruffini, president and CEO – achieved excellent results in the first quarter of the year. I am particularly pleased with the strong double-digit growth achieved in the DTC channel by both our brands. But I am even more proud of the distinctive brand experiences we have created in recent months that have further strengthened the connection with our communities.