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%)