Moncler boosted by double-digit China growth in Q4
Despite a difficult year for brands and retailers due to the covid-19 pandemic, Moncler recently announced that its revenues in Asia were up 26% in the fourth quarter of the 2020 Italian fiscal year, which ran from January 1 to December 31.
Mainland China led the region’s positive performance, with strong double-digit growth in the year and an acceleration in the last quarter, the Italian luxury outerwear brand said. South Korea and Japan followed the mainland in growth terms.
Asia as a whole made up 49.8% of Moncler’s total revenues.
Italy, by contrast, recorded a 34% revenue decline in the year and in the fourth quarter, demonstrating the extent of the country’s covid containment impact on consumer spending, as well as the effects of limited tourism and prolonged store closures.
Similarly, the EMEA region (excluding Italy) and the Americas also witnessed revenues decline over the year, with improved performance in EMEA (-13%, as opposed to -18%) and positive performance (+5%) in the Americas in the fourth quarter.
In early December of last year, Moncler announced that it would complete its purchase of smaller Italian rival Stone Island by mid-2021.
October 2020 saw the brand launch its China-exclusive Young Icons collection, as well as a pop-up installation in Shanghai, which, according to Jing Daily, resonated well with the country’s generation Z consumers.
A few weeks later, Moncler announced plans to move its Genius event (which involves designers reimagining its signature pieces) from Milan to China. The next Moncler Genius presentation is set to be released in September 2021.
Image: Moncler via Instagram. Credit: Oliver Hadlee Pearch
