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Sales at luxury jacket manufacturer Moncler picked up in the last key quarter of 2020, up 8% and exceeding expectations, as soaring revenues in China helped offset the decline in Europe and the impact of the pandemic.
Sales for the October-December period, which is particularly important for Moncler winter apparel, were 675 million Euros ($815 million), an 8% increase at constant currency compared to the consensus forecast of a 1% decline cited by analysts at UBS.
Chief Operating Officer Roberto Eggs told analysts that the company also got off to a good start in 2021, as the trends seen in the final months of 2020 continued.
He said sales were slightly better than expected in China with triple-digit growth in February, which this year included the Lunar New Year vacation, a crucial buying period for retailers.
However, he warned that comparisons with last year in the luxury industry’s largest market were tricky because the 2020 New Year’s vacation took place earlier in the year and stores were closed in February, with China being the first country to go into quarantine.
“We want to expand our presence in China,” Eggs said, adding that the group will open eight new stores in the Asia-Pacific region this year.
In the fourth quarter, sales increased 26% in Asia and 5% in the Americas, offsetting a 13% decline in Europe, with the exception of Italy, where sales declined 34%.
Online sales skyrocketed, representing 15% of total revenue, compared with 10% in 2019, as the Group prepares to internalize all of its e-commerce activities and launch a new website in 2021.
Moncler said it will also focus on integrating the high-end streetwear brand Stone Island, which it acquired in December and will consolidate from April 1.
Despite the uncertain outlook for the year, Managing Director Remo Ruffini said he believes the group is now better equipped to deal with the consequences of the pandemic.
He expects that some travel restrictions imposed to curb the spread of the coronavirus will remain in place well into 2021, reducing tourist flows and local purchases.
Annual revenues decreased by 11% to 1.44 billion euro. Net profit fell by 16% to 300 million Euros, but still exceeded the company’s consensus estimate of 199 million Euros, due to lower marketing and other costs.
Moncler’s sales recovered at the end of the year, boosted by China
Sales at luxury jacket manufacturer Moncler picked up in the last key quarter of 2020, up 8% and exceeding expectations, as soaring revenues in China helped offset the decline in Europe and the impact of the pandemic.
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Sales at luxury jacket manufacturer Moncler picked up in the last key quarter of 2020, up 8% and exceeding expectations, as soaring revenues in China helped offset the decline in Europe and the impact of the pandemic.
Sales for the October-December period, which is particularly important for Moncler winter apparel, were 675 million Euros ($815 million), an 8% increase at constant currency compared to the consensus forecast of a 1% decline cited by analysts at UBS.
Chief Operating Officer Roberto Eggs told analysts that the company also got off to a good start in 2021, as the trends seen in the final months of 2020 continued.
He said sales were slightly better than expected in China with triple-digit growth in February, which this year included the Lunar New Year vacation, a crucial buying period for retailers.
However, he warned that comparisons with last year in the luxury industry’s largest market were tricky because the 2020 New Year’s vacation took place earlier in the year and stores were closed in February, with China being the first country to go into quarantine.
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Sales at luxury jacket manufacturer Moncler picked up in the last key quarter of 2020, up 8% and exceeding expectations, as soaring revenues in China helped offset the decline in Europe and the impact of the pandemic.
Sales for the October-December period, which is particularly important for Moncler winter apparel, were 675 million Euros ($815 million), an 8% increase at constant currency compared to the consensus forecast of a 1% decline cited by analysts at UBS.
Chief Operating Officer Roberto Eggs told analysts that the company also got off to a good start in 2021, as the trends seen in the final months of 2020 continued.
He said sales were slightly better than expected in China with triple-digit growth in February, which this year included the Lunar New Year vacation, a crucial buying period for retailers.
However, he warned that comparisons with last year in the luxury industry’s largest market were tricky because the 2020 New Year’s vacation took place earlier in the year and stores were closed in February, with China being the first country to go into quarantine.
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