Moncler Korea Achieves Record Sales of 344.1 Billion KRW Last Year
Growth Rate Slows Despite 3.6% Increase
Operating Profit Drops 30% Year-on-Year to 37.5 Billion KRW
Moncler Korea recorded sales of 344.1 billion KRW in the Korean market last year.
According to the Financial Supervisory Service's electronic disclosure system on the 4th, Moncler Korea recorded sales of 344.1 billion KRW last year (January 1, 2024 ? December 31, 2024), showing a 3.6% (11.9 billion KRW) increase compared to the previous year (332.2 billion KRW). Operating profit was 37.5 billion KRW, down about 30% from the previous year's operating profit (53 billion KRW).
In terms of sales, it recorded the highest sales ever. Looking at Moncler's recent performance, sales jumped from 149.9 billion KRW in 2020 to 219.8 billion KRW in 2021, driven by a surge in luxury demand. In 2022, sales reached 277.6 billion KRW, and in 2023, it surpassed 300 billion KRW for the first time. However, the growth rate appears to have slowed. It is estimated that the economic recession and unusually warm weather in November, which was not cold, had an impact.
An industry insider said, "The weather likely affected overall winter outerwear sales," adding, "Although Moncler padding still holds the number one position in luxury padding, the brand image has been significantly depleted, which is also reflected in the performance."
Operating profit declined due to an increase in selling and administrative expenses. Selling and administrative expenses increased by about 10 billion KRW compared to the previous year, due to rises in consumable costs, rent, and advertising expenses.
Moncler Korea did not pay a cash dividend this year. In 2023, a cash dividend of 43.53 billion KRW was allocated. All shares of Moncler Korea are 100% owned by the headquarters, Industries S.p.A. The parent company of Industries S.p.A is Moncler S.p.A.
Moncler entered the Korean market in 2015 as a joint venture with Shinsegae International and began operations. In 2020, Shinsegae International acquired and canceled its shares, and Moncler Korea has since operated independently as a branch office.
Meanwhile, Moncler padding attracted attention in February this year when comedian Lee Suji appeared wearing it in a parody video of the "Daechi-dong mom." The Moncler padding, once called the "Daechi-dong mom uniform," was used as a subject of social satire, leading some mothers in the area to say they "could no longer wear Moncler padding." Due to this, concerns have been raised that Moncler padding sales might shrink this year.
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