Moncler SpA saw sales jump 24 percent in the first half of the year, beating consensus estimates and exceeding the €1 billion mark for the first time.The Italian luxury outerwear maker reported sales of €1.14 billion for the first six months, driven mainly by the Moncler brand, which grew 29 percent year-on-year, according to a statement. Sales were propelled by a 39 percent rise in Asia, including a 55 percent acceleration in the second quarter. The Moncler brand makes up 82 percent of the company’s revenue.The Moncler brand seems to have largely avoided the worst effects of the US slowdown, growing 3 percent year-on-year in the first half in the Americas. The second quarter saw a small dip of 5 percent, however, due to the impact of converting wholesale Nordstrom stores to a hybrid retail model. That drove numbers into negative territory. Excluding Nordstrom, “growth would have been positive low single-digit,” said chief business strategy and global market officer Roberto Eggs.America’s revenue for the group’s Stone Island brand fell 25 percent in the first half compared to a year earlier, exposing some vulnerability. The second quarter saw a decline of 31 percent as wholesale performance continued to be impacted by softer sales and a more cautious approach from department stores as a result, the company said.After a rally in the first half of the year, European luxury stocks have been battling a US slowdown as consumer spending has shown almost zero growth since January after adjusting for inflation. Richemont set the tone last week by reporting a surprise drop in revenue from the Americas in the three months through June. LVMH shares slumped today after it reported a slight revenue drop in the US, the only region where this was the case.Moncler shares dipped 2 percent on Wednesday, though the company has stayed comfortably near the top of the pack. Its shares are still up over 20 percent since the beginning of the year after peaking in April.The integration of Stone Island in 2021 has helped the company cater to a wider audience. Though just one-fifth the size of the Moncler brand, Stone Island offers a gateway to the youth sports-luxury category with plenty of room for international growth, according to Bloomberg Intelligence.Much of the brand’s success hinges on its shift from wholesale sales, which accounted for 63 percent of Stone Island’s revenue in the first half of the year, to direct-to-consumer channels. The Moncler group has said that its focus this year will be on expanding and relocating stores to emphasise the visibility of its two brands. The group intends to “increase its penetration in less mature regions with high potential.”The task of executing this has been given to Robert Triefus, a veteran of Gucci and Armani who started his role as CEO on June 1.The addition of Stone Island is also likely to reduce the outerwear company’s winter dependency. This, alongside its Genius project, which involves collaborations with a rotating cast of designers, gives the brand a platform to attract attention throughout the year. Its costly marketing events also seem to be resonating. The most recent Genius event, which took place in London in February, attracted over 12,000 people, including many A-list celebrities.A healthy cash pile leaves room for further growth, though the continued US slowdown is worrying given the company’s consumer market reliance.By Maggie ShiltaghLearn more:The Simple Math Behind Moncler’s Genius SpectaclesThe Italian skiwear brand’s large-scale events are a good example of how it’s able to play in the same league as brands with significantly larger budgets, argues Luca Solca.