(Stone Island revenues are down and not up, as reported in the previous version of the article)

(Alliance News) - Moncler Spa on Wednesday reported results for the first quarter of 2024, which closed with consolidated revenues of EUR818.0 million, up 16 percent from EUR726.4 million as of March 31, 2023.

Moncler's revenues were EUR705.0 million, up 20% from EUR604.8 million in the first three months of 2023, while Stone Island's revenues were EUR113.0 million, down 5.0% from EUR121.6 million last year.

The company reported that the Direct-to-Consumer distribution channel is growing 26 percent annually for Moncler with all regions growing solidly in double digits, while it is growing 31 percent for Stone Island.

Remo Ruffini, chairman and CEO of Moncler, commented, "Our group 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 of our brands. But I am even more proud of the distinctive brand experiences we have created in recent months that have further strengthened the bond with our communities."

"In St. Moritz we engaged people from all over the world in the Moncler Grenoble universe, combining style and performance, and further enhancing the authenticity of this unique dimension of the brand. At the same time, Stone Island presented its new brand manifesto, The Compass Inside, with a special event in Milan, and launched a new global campaign featuring representatives of its community."

"I am very proud of the results achieved in the first quarter of the year and certain of the strong potential of our brands. At the same time, I am aware that we are facing a still volatile macroeconomic scenario and normalizing trends in our industry, which require us to remain cautious and always responsive in light of these continuing uncertainties."

On Wednesday, Moncler closed in the green by 1.5 percent at EUR66.80 per share.

By Claudia Cavaliere, Alliance News reporter

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