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Moncler Group | Annual Report 2024 Board of Directors’ Report 64 Moncler Group | Annual Report 2024 Board of Directors’ Report 65

Analysis of Stone Island brand revenues

In 2024, Stone Island brand revenues reached EUR 401.6 million,

a decrease of 1% cFX compared with 2023.

In the fourth quarter, revenues for the brand amounted

to EUR 109.2 million, up 10% cFX YoY.

Stone Island brand: revenues by geography

Moncler brand: revenues by channel

In 2024, the DTC channel recorded revenues of EUR 2,331.9

million, up 11% cFX compared with 2023. In the fourth quarter

of 2024, revenues increased by 9% cFX YoY, driven by

sequential improvements across all regions, despite a progressively

tougher comparable base.

The physical channel continued to outperform the online

channel, whose performance remained weak in the fourth quarter,

albeit improving substantially compared with the previous quarter.

In 2024, revenues by stores open for at least 12 months

(Comparable Store Sales Growth7) grew by 3% compared

with 2023.

The wholesale channel recorded revenues of EUR 375.4

million, a decline of 7% cFX compared with 2023. In the fourth

quarter, revenues in this channel declined by 7% cFX YoY,

impacted by still challenging market trends and by ongoing

ef forts to upgrade the quality of the distribution network.

7

Comparable Store Sales Growth CSSG

considers revenues growth from DOS

excluding outlets open for at least 52

weeks and the online store stores that

have been expanded andor relocated

are not included

MONCLER FY 2024 FY 2023% vs 2023

EUR/000%EUR/000%rep FX cFX

DTC 2,331,896 86.1% 2,163,920 84.1% +8%+11%

Wholesale 375,420 13.9% 409,239 15.9% (8%)(7%)

REVENUES 2,707,315 100.0% 2,573,159 100.0% +5%+8%

STONE ISLAND FY 2024 FY 2023% vs 2023

EUR/000%EUR/000%rep FX cFX

Asia 105,201 26.2% 89,441 21.8% +18%+23%

EMEA 268910 670 287506 699 67

Americas 27498 68 34111 83 1918

REVENUES 401609 1000 411058 1000 21

Asia (which includes APAC, Japan and Korea) reached

EUR

105.2 million revenues in 2024, growing 23% cFX compared

with 2023. In the fourth quarter, the region grew by 23% cFX,

mainly driven by the ongoing strong performance of Japan

and the improving trends in the Chinese market. Korea continued

to show softer trends compared with the rest of the region.

In 2024, EMEA — which continues to be the most important

region for the brand — recorded revenues of EUR 268.9 million,

a decrease of 7% cFX compared with 2023. In the fourth quarter,

revenues were up 4% cFX YoY, thanks to the solid performance

of the DTC channel and improving trends in the wholesale

channel.

Italy, in particular, outperformed the rest of the

EMEA region.

Revenues in the Americas were down 18% cFX compared with

2023. In the fourth quarter, revenues were up 2% cFX YoY,

returning to growth after several quarters of deterioration, mainly

thanks to the improvement recorded by the wholesale channel.

Stone Island brand: revenues by channel

In 2024, the DTC channel grew by 23% cFX compared with 2023

to EUR 208.9 million, representing 52% of total 2024 revenues.

In the fourth quarter, revenues in this channel were up 15% cFX

YoY, with Asia and EMEA outperforming.

The physical channel continued to outperform the online

channel across all regions.

The wholesale channel recorded revenues of EUR 192.7

million in 2024, down 19% cFX compared with 2023. In the fourth

quarter, revenues decreased by 1% YoY, showing substantial

improvement, albeit still impacted by challenging market trends

as well as by the strict volume control adopted in the

management of this channel to continuously improve the quality

of the network

STONE ISLAND FY 2024 FY 2023% vs 2023

EUR/000%EUR/000%rep FX cFX

DTC 208,935 52.0% 172,844 42.0% +21%+23%

Wholesale 192,674 48.0% 238,214 58.0% (19%)(19%)

REVENUES 401,609 100.0% 411,058 100.0% (2%)(1%)

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