Moncler posts first ever operating loss due to Covid-19

Source: Mintel 29-07-2020

Luxury retailer Moncler has posted its first ever first-half operating loss. Sales were down 29% to €403 million largely as a result of the COVID-19 pandemic and lockdowns worldwide. EBIT in the first six months recorded a loss of €36 million after a writedown of €30 million covering unsold stock from the Spring/Summer range.

Moncler said that it did not foresee an immediate recovery following the easing of lockdown measures. The company reported some positive signs in the second quarter however, with mainland China and e-commerce both seeing double-digit growth. Following this, the company announced that it was going to bring its online channel in-house, with a plan to double the share of its online business over the next three years.