that will lead the Brand to a greater control of distribution on in- ternational markets, through a progressive direct management of the markets currently managed by the distributor and through the expansion of the DTC channel. On 30 December 2021, Stone Is- land set up a joint venture in Korea Stone Island Korea operating since 1 January 2022 of which Stone Island holds 51%, with the aim of directly managing the Korean distribution network, which as of 31 December 2021, had 23 mono-brand stores.
At the same time, the Company is enhancing its control and doors selection on the wholesale, a channel of strategic impor- tance for Stone Island, with the aim of further elevating the posi- tioning of the Brand itself.
In FY 2021, the wholesale channel accounted for 75% of rev- enues while the remaining 25% was generated by directly man- aged stores and the online channel. As of 31 December 2021, the Stone Island s mono-brand distribution network consisted of 58 wholesale mono-brand stores (shop-in-shops) and 30 retail di- rectly operated stores (DOS). Five DOS were opened during the year, including the Paris Galeries LaFayette, New York Blooming- dale s and Shanghai iAPM stores.
STONE ISLAND BRAND - MONO-BRAND RETAIL NETWORK
NUMBER 31/12/2021 30/06/2021 Asia 4 4 EMEA 20 20 Americas 6 6 RETAIL 30 30 WHOLESALE 58 56
EMEA is the largest region for Stone Island, contributing to 77% of the revenues in the consolidated period. Italy is the main market in EMEA and accounts for about a third of the region s revenues, followed by the United Kingdom, Germany and the Netherlands. Asia contributed 13% of Stone Island revenues for the consolidat- ed period and Americas the remaining 10%.
1.5 FINANCIAL PERFORMANCE
Full year revenues over 2 billion euros in 2021 (+28% vs 2019), with a further increase in the last quarter (+40%). EBIT at euros 603 million (29.5% margin) and net cash at euros 730 million.
RESULTS In 2021, Moncler Group reached consolidated revenue of 2,046.1 million euros up 44% at constant exchange rates compared to the same period of 2020 and +28% at constant exchange rates com- pared to 2019. These results include Moncler brand revenue equal to 1,824.2 million euros and Stone Island brand revenue, consoli- dated since 1 April, equal to 221.9 million euros. Assuming Stone Island consolidated since 1 January 2021, Group revenue would have been equal to 2,134.2 million euros, with a contribution from the Stone Island brand equal to euros 310.0 million euros.
EBIT was equal to 603.1 million euros, compared to 368.8 million euros in 2020 and 491.8 million euros in 2019, represent- ing an EBIT margin of 29.5% (25.6% in 2020 and 30.2% in 2019).
In 2021, net financial expenses were 21.6 million euros, compared to 23.3 million euros in 2020 and 21.1 million euros in 2019, including lease liabilities arising from the application of the IFRS 16 accounting principle for 19.5 million euros in 2021 (22.0 million euros in 2020 and 20.2 million euros in 2019).
Net income was 411.4 million euros in 2021, equivalent to 20.1% of revenues, compared to 300.4 million euros in 2020 and euros 358.7 million in 2019.
ANALYSIS OF MONCLER BRAND AND STONE ISLAND BRAND REVENUES*
Moncler brand In 2021, Moncler brand revenues were equal to euros 1,824.2 million, up 14% at con- stant exchange rates growth compared to 2019. In the fourth quarter, the Brand reve- nue amounted to euros 803.3 million increasing +30% at constant exchange rates compared to the last quarter of 2019. This strong and constant acceleration of the Brand throughout 2021, especially in the fourth quarter, was driven by the effective imple- mentation of the business strategies, the success of the collections and the develop- ment of the DTC channel, in particular the online direct.
In 2021, the DTC channel achieved revenues of euros 1,429.2 million growing +16% at constant exchange rates compared to 2019. The fourth quarter registered a strong acceleration, up +31% at constant exchange rates compared to the same period of 2019 with improving results in all regions.
The wholesale channel revenues were euros 394.9 million with an 8% at constant exchange rates growth compared to 2019. In the fourth quarter revenues of the wholesale channel grew by 19% at constant exchange rates compared to the same pe- riod of 2019, confirming the strength of the Brand and the great appreciation of the collections.
Stone Island brand In 2021 (1 January 31 December), Stone Island generated euros 310.0 million reve- nues, up 26% compared to the same period of 2019, of which euros 221.9 million generated since 1 April and consolidated in Moncler Group. In the fourth quarter, Stone Island registered revenues equal to euros 65.6 million.
The wholesale channel represented 71% of total revenue in the consolidated period with very good performances in all markets. Significant also the development of the DTC channel, both physical and digital.
* In order to understand the performance of the business excluding the effects of the Covid-19 pandemic, 2021 revenues are com- pared to pre-pandemic results (2019).
28 29 MONCLER GROUP
2021 MONCLER GROUPMONCLER GROUP