Luxury clothing brand Moncler reported an 8% boost in revenue for the last quarter of 2020, resulting in over $1.7 billion in revenue for the year.
Moncler is named after mountain village Moestier-de-Clermont and was founded with the goal of making sleeping bags and tents.
The brand has longstanding ties to sportswear. In 1968, it became the official supplier of the French downhill ski team during the Winter Olympics.
Moncler said its revenue decreased 11% year-over-year, but that the Q4 jump recorded a 26% margin on sales and net cash exceeded $1 billion.
It attributed part of that success to its acquisition of Stone Island, a high-end Italian sportswear brand, for $1.4 billion in December.
“With Stone Island, the MonclerGroup strengthens its presence in the growing new luxury segment, which is about community, experientiality and cross-fertilization,” said Remo Ruffini, chairman and CEO of Moncler.