Moncler, the world-renowned luxury fashion group based in Milan (Italy), witnessed a fall of 11 per cent to €1.4 billion in its 2020/2021 financial year.
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The fall has been attributed to frequent store closures, travel restrictions and tighter lockdown rules at different times of the year.
The brand’s revenue in Europe, the Middle East and Africa – excluding Italy – saw a drop of 18 per cent for the year that ended 31 December 2020. In Italy, the revenue slumped by a worrying 34 per cent.
However, all wasn’t bad for Moncler!
Asia saw a jump of 2 per cent during the year. While, Mainland China saw double-digit growth during the financial year, the numbers improved in Japan and Korea as well in later part of the year.
Notably, the earnings before interest and taxes (EBIT) dropped by 25 per cent to €369 million.
While appreciating the brand’s efforts to fight the crisis with courage, especially in the last crucial weeks of 2020, Remo Ruffini, CEO, Moncler, said that its exceptional ability to react in these tough situations has been instrumental in its success.
Moncler was founded in 1952 and besides menswear, womenswear and kidswear collections, it is known majorly for skiwear.