业绩增速放缓，盟可睐需要新故事
Bei Jing Shang Bao·2025-11-04 11:51

Core Insights - The luxury down jacket brand Moncler Group reported a revenue of €1.8413 billion for the first three quarters, showing a year-on-year stagnation at constant exchange rates, with a slight decline of 1% at current rates [2] - The Moncler brand's revenue decreased by 1% to €1.5532 billion, while Stone Island's revenue also fell by 1% to €288.1 million [2] - The group's revenue growth has been slowing down, with a projected annual revenue of €3.1089 billion for 2024, reflecting a 7% year-on-year increase [2] Financial Performance - For the first half of 2025, the revenue is expected to be €1.23 billion, remaining flat compared to the same period last year, with a slight increase of 1% at fixed exchange rates [2] - The Asian region, including APAC, Japan, and Korea, generated €752.6 million in revenue for the first three quarters of 2025, marking a 3% year-on-year growth [3] - The third quarter revenue in Asia remained flat at constant exchange rates, with China continuing to lead the region [3] Market Dynamics - The Moncler Group has been actively expanding in the Chinese market, launching collaborations and opening flagship stores, indicating a strategic focus on this region [3] - The CEO of Moncler Group emphasized the importance of the Chinese market, predicting significant growth potential in the next five years [3] - Despite strong performance in China, the competitive landscape in the high-end down jacket market is intensifying, with local brands like Bosideng and international brands like Canada Goose increasing their presence [4] Competitive Landscape - Canada Goose has established 31 stores in China out of its 80 global locations, indicating a strong commitment to the Chinese market [4] - Local brands are also enhancing their high-end offerings, with Bosideng collaborating with notable designers to strengthen its market position [4] - The Chinese market still presents untapped potential, with a complex consumer landscape that offers both challenges and opportunities for growth [4]