MILAN- The impact of the COVID-19 pandemic dented Moncler SpA’s revenues in the first nine months of the year, resulting in a 23 percent decrease in sales to 765.1 million euros, compared with 995.3 million euros in the same period last year.
The third quarter continues to be affected by the pandemic, but to a lesser extent, said the company on Thursday, as revenues were down 15 percent to 361.8 million euros.
“We ended the third quarter of 2020 with better results than we expected,” said chairman and chief executive officer Remo Ruffini. “Not only is the Chinese market seeing high and constantly improving growth rates, but other markets and all distribution channels are also showing continuous progress in their performance, although in many cases they are still negative. The signs we are seeing in October are encouraging, but we know we have challenging weeks ahead of us, made even more uncertain by the current global economic and health situation.”
In the nine months ended Sept. 30, sales in Italy decreased by 34 percent to 86.2 million euros, impacted by a decline in the number of tourists.
The Europe, Middle East and Africa region saw a 21 percent drop in sales to 239.2 million euros, also affected by the lack of tourists. In the third quarter, which was down 18 percent, Germany, Russia and the Middle East outperformed the rest of the region, while France remained weak.
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Revenues in Asia and the Rest of World were down 19 percent in the first nine months with a significant improvement in the third quarter, a 4 percent decrease. This result was driven by the outstanding performance of Mainland China and Korea, which registered double-digit growth rates in the third quarter thanks to the positive reception of the fall collections and to significant growth in local demand. Hong Kong and Japan, however, contrasted this performance.
In the Americas, revenues decreased by 29 percent to 113.5 million euros, with a significant improvement since August in both distribution channels, particularly in the retail network.
“In the last nine months we have experienced unexpected events – difficult, to be sure, but also highly formative,” continued Ruffini. “I think it is our duty now to take what we have learnt and turn it into something valuable for the future. Being flexible and responsive, while maintaining an efficient cost structure, are still fundamental to a successful company. These qualities have always been part of Moncler’s DNA and now I have solid proof that they have been strengthened even further. I know I always ask a lot of all my people, but as I often say, in these months it has been their capacity to act, to change, to adapt and to improvise that has convinced me that our company, and above all our brand, are protected and founded on solid pillars.”
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