Italian luxury outerwear group said growth slowed from the first quarter as weaker tourist flows, especially from Asia, dragged on European sales and highlighted exposure to disrupted travel patterns.
Moncler reported a 5% rise in second-quarter revenue at constant exchange rates, helped by stronger demand in Asia for its core Moncler brand, but growth slowed from 12% in the first quarter as weaker tourist spending weighed on Europe. Group revenue reached €409.3 million ($467 million) in the April-June period, slightly above the analyst consensus of €405.8 million provided by the company. In the region that includes Europe, sales fell 8% from a year earlier in the quarter, which Moncler said was mainly due to softer tourist flows, particularly from Asian customers. The company’s update highlights the luxury group’s sensitivity to European tourism trends as global air travel has been squeezed this year by the conflict in the Middle East, a key hub between Asia and Europe. Sales at the Moncler brand climbed 12% in Asia, led by China and South Korea, and rose 4% in the Americas as the brand continued to expand its presence there. First-half operating profit increased to €245.4 million from €224.8 million a year earlier.