Moncler reported consolidated revenues of €332.0 million for the first quarter of 2018, up by 20 percent from the first quarter of 2017. The increase at constant exchange rates was of 28 percent. The performance was driven by double-digit growth in all geographical areas.
In Italy, revenues rose by 10 percent to €43.3 million, mainly driven by the retail channel. In the Emea (Europe, Middle East and Africa) region, excluding Italy, revenues grew by 16 percent at current exchange rates, and by 18 percent at constant exchange rates, to €96.6 million, with solid growth in both distribution channels and in all markets. France, the U.K. and Germany significantly contributed to the results, the company said.
The Asia & Rest of the World region saw revenues increase by 27 percent at current exchange rates, and by 39 percent at constant exchange rates, to €146.4 million. China's mainland and Hong Kong largely outperformed the growth of the region. In the Americas, revenues grew by 18 percent at current exchange rates, and by 34 percent at constant exchange rates, to €45.8 million, boosted by important improvements in the U.S. and Canada and in both distribution channels, particularly in retail.
By distribution channel, revenues from retail were €256.2 million, representing a 26 percent growth from the first quarter of 2017. The increase at constant exchange rates was of 35 percent. This performance was due to strong organic growth and the continued development of the network of mono-brand retail stores (DOS). Wholesale revenues were €75.8 million, representing an increase of 5 percent at current exchange rates and of 9 percent at constant exchange rates, driven by the good results of the spring/summer 2018 collections and the newly-opened mono-brand wholesale stores (SiS).
As at March 31 2018, Moncler's mono-brand distribution network consisted of 205 retail directly operated stores, an increase of four units compared with Dec. 31, 2017, and 61 wholesale shop-in-shops, a net increase of two units compared with Dec. 31, 2017. During the first quarter of 2018, Moncler opened a flagship store in Dubai and two new stores in Korea. Also, a wholesale shop-in-shop at London Harrods dedicated to the Moncler Enfant business was converted into a retail store.
The first quarter was also marked by the presentation during Milan Fashion Week of the Moncler Genius project, a creative hub which goes beyond the season's concept. Each collection will be released through single monthly projects, starting from June 14 with Moncler Fragment Hiroshi Fujiwara. This will be followed by all the others on a monthly basis.