Moncler Group Reports Strong Q1 Sales

MILAN — The performance of Moncler Group in the first three months of the year beat analysts’ expectations, lifted by strong double-digit growth in Asia and gains at its direct-to-consumer channel.

In the period ended March 31, group revenues rose 6 percent to 880.6 million euros compared with 829 million euros in the same period last year. At constant exchange rates, sales rose 12 percent.

“What clearly emerged in the first quarter of this year goes beyond a strong revenue performance: it is the depth of the relationships that our brands continue to build with their communities around the world. In a global context shaped by conflicts and instability, both Moncler and Stone Island have shown strong energy and cultural relevance,” stated executive chairman Remo Ruffini. “This does not happen by chance. It reflects a clear mindset: valuing what makes each brand unique, while constantly evolving and pushing boundaries across products and experiences.”

Ruffini pointed to the arrival of Leo Rongone from Bottega Veneta as chief executive officer, moving into a new phase for the group while maintaining a “very sharp focus,” and “keeping our brands’ integrity firmly at the center of every decision. In an increasingly complex external environment, we remain committed to staying agile and responsive, guided by our clear strategic vision.”

Luciano Santel, group chief corporate and supply officer, and Elena Mariani, group strategic planning and investor relations director, held a conference call with analysts at the end of trading on Tuesday.

“We are happy with the performance in the U.S., where we are still under-penetrated,” said Santel, citing the show of Moncler Grenoble in Aspen, which delivered a good return, opening a store in the town, and the upcoming opening in New York of a sprawling Moncler flagship on Fifth Avenue. “We have great expectations, and it will be a long journey, but we are confident.”

While Asia-Pacific and China were strong for the group, Santel was cautious, saying that he was “not sure the problems in China are over,” impacted by the real estate and available income issues, “but we see more vibe than in the past. China and the Chinese cluster are performing very well for us.” He also cited the group’s “very strong retail organization in China.”

Moncler Revenues

In the first quarter, Moncler revenues were up 6 percent at 766.5 million euros, compared with 721.8 million euros in the first quarter a year ago. At constant currency, sales grew 12 percent.

Revenues in Asia, which includes Asia-Pacific, Japan and Korea, rose 14 percent to 433 million euros (or 22 percent at constant currency), with all countries growing in the quarter and improving sequentially, with China and Korea outperforming.

The Europe, Middle East and Africa region was down 2 percent to 238.5 million, dented by softer tourism and a weak online performance.

Santel and Mariani underscored that March was softer in the EMEA region due to a decline in flights as a consequence of the war in the Middle East, preventing Asians from traveling to Europe, and a natural slower business with the Chinese cluster after Chinese New Year.

Regarding the Middle East, Santel said the region accounts for less than 2 percent of the brand’s revenues and was “significantly down” in light of the war, but that “it did not materially impact overall business.”

Moncler revenues in the Americas decreased 2 percent to 95 million euros, but were up 7 percent at constant exchange, supported by local growth and a good performance at wholesale.

The DTC channel was up 7 percent to 674.5 million euros (or up 14 percent at constant currency).

The wholesale channel reported sales of 92.1 million euros, up 1 percent, supported by a good performance of the spring collection and despite further network optimization.

Stone Island revenues rose 6 percent to 114.1 million euros, compared with 107.3 million euros. At constant currency sales were up 11 percent.

The brand rose 17 percent in the DTC channel at constant currency, driven by positive organic growth in all regions, with the Americas and Asia outperforming.

The wholesale channel was up 4 percent, supported by a very good reception of the spring 2026 collection.

Stone Island sales in Asia climbed 14 percent to 35.5 million euros, with strong double-digit growth registered in all main countries. At constant currency, revenues in the market rose 25 percent. Santel said this was the third quarter in a row that the brand showed double-digit growth.

Mariani said that the Ghost line that is Stone Island’s “most elevated,” marked by tone-on-tone designs, had grown to reach 10 percent of sales.

EMEA was up 2 percent to 71.1 million euros, with Italy outperforming the rest of the region.

Revenues in the Americas climbed 14 percent to 7.5 million euros, or 24 percent at constant currency.

The DTC channel was up 10 percent to 60.6 million euros, driven by positive growth in all regions, with the Americas and Asia outperforming. The physical channel continued to outperform the online channel across all regions.

The wholesale channel recorded revenues of 53.5 million euros, up 3 percent.

As of March 31, there were 105 Stone Island stores, which included the opening of a store in Naples, Italy, in the quarter.

Piral Dadhania at RBC Europe said Moncler Group revenues were 5 percent ahead of consensus estimates, and, in a first-quarter earnings season for luxury “that has so far been lackluster,” citing LVMH Moët Hennessy Louis Vuitton, Kering and Hermès, “Moncler remains a high quality luxury business brand with category-leading credentials in outerwear and apparel. Its execution track record is arguably sector leading, whilst its more recent focus on technical outerwear (Grenoble) should allow it to better participate in the growing outdoor sports segment at the luxury end of the market.”

Referring to Stone Island, the report stated that the brand “appears to have laid the groundwork in recent years to now set the business up for consistent retail driven growth, supported by a credible leadership team and lean business model.”

In terms of the impact of foreign exchange, Santel said he expected an impact of between 3 and 4 percent on the top line by yearend compared with 6 percent so far.