July 25, 2018 / 3:55 PM / 9 months ago

Moncler sees further growth after first half results beat expectations

MILAN (Reuters) - Italian luxury outerwear group Moncler (MONC.MI) said on Wednesday it saw further growth in 2018 after posting half-year revenue and profitability above expectations, lifted again by sales in Asia.

“The results we are releasing today once again, not only beat market expectations, but even our own estimates,” Chairman and Chief Executive Remo Ruffini said in a statement.

Under its new “Genius strategy” Moncler has shifted to monthly product launches and earlier this year it said it would outperform the luxury market in 2018.

Moncler said revenue in the first six months of the year was up 21 percent to 493.5 million euros ($576 million), boosted by a 32 percent rise in the group’s sales in Asia, which represents over 40 percent of the total.

Reporting by Giulia Segreti; editing by Francesca Landini

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