Moncler, the luxury puffer jacket maker, has posted an eight per cent increase in revenue in the final quarter, thanks to Lunar New Year sales.
The figures beat expectations as soaring revenues in China helped to offset a decline in Europe caused by the pandemic.
Analysts expected sales at Moncler to fall by one per cent this year but the Lunar New Year holiday in China, which is a crucial shopping period for retailers, helped Moncler defy expectations.
However full-year revenue still declined 11 per cent in 2020 and profit slumped 16 per cent to €300m but that was ahead of Moncler’s expectation by around €100m.
Roberto Eggs, chief operating officer at Moncler, said: “We want to extend our footprint in China,” adding that fourth-quarter sales rose more than a quarter in Asia. This helped to offset a 13 per cent decline in Europe.
Online sales also helped buoy the company, which accounted for 15 per cent of total revenues this year compared to only 10 per cent a year earlier.
Despite the continued uncertainty caused by Covid-19, chief exec Remo Ruffini said he believed that the company was now much better equipped to deal with the pandemic.
The company still expects coronavirus restrictions to remain in place for most of 2021, which will harm tourist flows and high street shopping.