Moncler Group Proves Resilient, Posts a Better-than-expected Performance in Q3

MILAN — Moncler Group posted a resilient performance in the first nine months of the year, buoyed by sales in China and the Americas. For the period ended Sept. 30, the group’s sales fell 1 percent year-on-year to 1.84 billion euros. And for the third quarter, sales dipped a better-than-expected 1 percent year-on-year at constant exchange to 615.6 million, which was higher than consensus estimates provided by the company of 603.8 million euros.

The slower tourism traffic in Europe and Japan and declining consumer confidence were among key factors in performance, the company said.

“In a world that continues to evolve, we stay true to who we are — acting with responsibility, leading with intention, never compromising the long-term value of our brand for short term results,” said chairman and chief executive officer Remo Ruffini.

Sales of the Moncler brand in the nine months fell 1 percent to 1.55 billion euros and sales at Stone Island also declined 1 percent to 288.1 million euros.

During a call with analysts on Tuesday evening at the end of trading, Luciano Santel, chief corporate and supply officer, and Elena Mariani, strategic planning and investor relations director, were asked about performance in the fourth quarter of 2025.

Positive Signs for Year’s End

Santel said that trading in the fourth quarter was positive so far. “Overall, October started well, the results are positive, honestly, in all the different regions.…We are prudently satisfied.”

In the third quarter, revenue for Moncler was down 1 percent at constant exchange to 514.2 million euros. Revenue for Stone Island was flat at constant exchange at 101.4 million euros, as direct-to-consumer sales posted double-digit growth of 11 percent at constant exchange.

In the third quarter, Moncler expanded its store network by adding seven new Moncler brand stores and is planning to open a flagship Fifth Avenue store in New York City by June.

In Asia, which includes Asia-Pacific, Japan and South Korea, Moncler’s nine-month revenues were flat to 752.6 million euros, representing 48.5 percent of the total. In the third quarter, revenue in the region was also flat at constant exchange. “China continued to outperform the rest of the region, while Japan and [South] Korea registered a weaker performance,” the company said.

China’s performance remains strong, Santel said, both in terms of local consumption and revenues from Chinese clusters. Golden Week results were “substantially in line” with last year, despite global macroeconomic headwinds.

“Overall, we are confident about how China business and business with Chinese customers are evolving. We don’t see any significant important sign of weakness,” Santel said.

In the Europe, Middle East and Africa region, Moncler fell 4 percent to 581 million euros, representing 37.4 percent of the total. In the third quarter, revenue decreased by 4 percent at constant exchange also due to slow tourism.

The Americas were flat at 219.6 million euros, representing 14.1 percent of the total. In the third quarter, revenue was up 5 percent at constant exchange as double-digit direct-to-consumer sales offset lackluster wholesale revenue.

In the first nine months of 2025, Moncler’s DTC channel recorded revenues were in line year-on-year at 1.26 billion euros. Revenue in the third quarter of 2025 was also flat at constant exchange, as the Americas and China outperformed other regions.

Within the wholesale channel, revenue declines slowed. In the first nine months of 2025, Moncler Group recorded wholesale revenue of 297.8 million euros, a decline of 5 percent, compared with the same period last year. This compares to a 9 percent decline in the first nine months of 2024. In the third quarter, revenue in this channel declined by 4 percent at constant exchange.

In the nine months, Stone Island recorded revenue of 196.2 million euros in the EMEA region, a decrease of 4 percent compared with the same period last year. Third-quarter sales fell 3 percent at constant exchange in the three month period of 2025. Its Americas sales plunged 14 percent to 17.7 million euros in the first nine months of 2025. Losses were offset by its Asia performance up 9 percent to 74.1 million euros. In the third quarter, revenue in the same region grew 9 percent at constant exchange.

Stone Island’s wholesale channel was down 9 percent to 143 million euros in the first nine months of 2025, and 8 percent at constant exchange in the third quarter.

Stone Island’s direct-to-consumer channel grew by 7 percent to 145.1 million euros in the nine months. 

Looking ahead, Solca commented that Moncler Group’s Moncler’s third-quarter sales growth was ahead of consensus by 1 percent, adding that the Moncler brand wholesale result was better than expected.

“All eyes will be on current trading commentary, events organized for the fourth quarter of 2025 to clear high comps from 2024,” he said.

When asked if the firm was eyeing further acquisitions, Santel said the company does not currently have any potential acquisitions in mind.

“M&A again is not in our radar screen, it’s not a strategy we have, but that does not mean that we are against any potential acquisition, but if and only if we should find another beautiful project another beautiful company like Stone Island,” Santel said.

Ruffini was enthusiastic about Moncler Group’s roster of emotion-evoking campaigns like “Warmer Together” featuring actors Robert De Niro and Al Pacino.

“Our recently launched communication campaign Warmer Together celebrates the values that have defined Moncler for more than 70 years — love, connection and a shared sense of warmth — brought to life through the friendship of two legendary Hollywood icons,” he said, adding that the firm’s sprawling new headquarters Casa Moncler, upholds these same values. “More than just a space, it is a powerful expression of our culture — where creativity meets innovation, and where our people come together with strong energy and a deep sense of belonging to shape the future of our brand.”