In the first half of 2019, Moncler recorded revenues of €570.2 million, an increase of 13 percent at constant exchange rates and of 16 percent at current exchange rates as compared to the corresponding period of 2018. The growth rate accelerated in the second quarter. The net income of €71.3 million generated in the first six months represented a 16 percent increase as compared to the first half of 2018.
The gross margin was equivalent to 76.6 percent of revenues, up from 76.0 percent in the same period of 2018. This improvement was mainly attributed to growth in the retail channel. On an adjusted basis, the Ebitda margin rose by 0.1 percentage points to 25.2 percent, but it was equivalent to 34.9 percent of sales by IFRS 16 accounting guidelines. Marketing expenditures represented 7.5 percent of revenues.
In Italy, the company's revenues rose by 8 percent, mainly driven by the strong performance of the retail channel. In the EMEA region, sales grew by 15 percent at constant exchange rates, with a double-digit rise in both the wholesale and the retail channels. The growth rate was even more significant in the second quarter, driven by the U.K., Germany and France.
In Asia & Rest of the World, revenues went up by 15 percent at constant exchange rates, with an acceleration in the second quarter also in this region. Mainland China, Japan and Korea were the key drivers of growth. In the Americas, revenues increased by 8 percent at constant exchange rates, with both distribution channels contributing to the increase.
By distribution channel, revenues from retail increased by 13 percent at constant exchange rates, and by 16 percent at current exchange rates, reaching €437.1 million. The retail distribution channel accounted for 76.6 percent of sales in the first half of 2019, as compared to 76.4 percent in the first half of 2018. On a comparable store basis, sales rose by 9 percent.
The wholesale channel recorded revenues of €133.2 million, up by 12 percent at constant exchange rates and by 14 percent at current exchange rates versus the first half of 2018. The development of the Moncler Genius program contributed to the increase.
As of June 30, 2019, Moncler's network of mono-brand stores consisted of 196 directly operated stores, three more than on Dec. 31, 2018, and 60 wholesale shop-in-shops, one more than in December 2018. During the second quarter of the year, the shop-in-shop in the Bloomingdale's store in New York was converted from a wholesale client to a directly managed mono-brand store.