On the evening of 13 February, Italian luxury company Moncler Group, owner of the brands Moncler and Stone Island, released its annual report for the results of the year ending 31 December 2024. Revenue was up 7% in the past year, partly due to the recovery in China for both Moncler and Stone Island. The DTC (direct-to-consumer) sales of both brands witnessed double-digit growth and also maintained a strong 29.5% EBIT profit margin.
Moncler earned 2.71 billion EUR (2.84 billion USD) in 2024, up 8% from last year. It saw an 11% boost in revenue in Asia, including Japan and South Korea, to 1.38 billion EUR (1.45 billion USD). The reason for the growth of Moncler is attributed to a strong recovery in Mainland China, despite the headwinds in the macroeconomy. Japan, South Korea and other Asia-Pacific markets remained stable in the quarter with higher growth rates compared to Q3 2024. EMEA and the Americas saw 3% and 5% YoY growth in revenue in Q4.
Stone Island, on the other hand, saw its earnings shrink 1% in 2024 to 401.61 million EUR (420.87 million USD). It experienced a more significant boost in Asia with a 23% year-on-year (YoY) growth in Q4 2024 to 105.20 million EUR (110.26 million USD). This is mostly due to its strong performance in Japan, as well as an improvement in the Chinese market. South Korea remains comparatively weak for the brand. For Stone Island, EMEA and the Americas had 4% and 2% growth, respectively.
Puffer jackets have been experiencing a surge in popularity since last winter, especially premium ones. Both Moncler and Stone Island compete in this market against international and homegrown competitors such as Canada Goose and Bosideng. Despite the competition, both brands saw improvement in China last year.
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