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Moncler Group, owner of the Moncler brand and Stone Island, said on Tuesday that third-quarter sales fell 1% year-on-year on a constant currency basis to €615.6 million. Revenue for the first nine months of the year remained flat, reaching €1.84 billion. Tuesday’s results beat analyst expectations for the quarter.
“As we close the first nine months of the year, we remain focused on executing our strategy with discipline, agility and a strong sense of direction — aware of the challenges around us, but even more committed to the opportunities ahead,” chair and CEO Remo Ruffini said in a statement. He highlighted the Moncler brand’s recent Warmer Together campaign, starring Al Pacino and Robert De Niro, as well as the company’s new Milan headquarters, Casa Moncler, as significant developments in Q3. “In a world that continues to evolve, we stay true to who we are — acting with responsibility, leading with intention and never compromising the long-term value of our brands for short-term results.”
Sales at the Moncler brand fell 1% year-on-year in the third quarter to €514.2 million. Stone Island’s revenues were flat at €101.4 million. Moncler’s direct-to-consumer (DTC) revenues were also flat year-on-year, and wholesale fell 4%; Stone Island’s DTC revenues were up 11%, offset by an 8% decline in the wholesale channel. The third quarter is the most significant wholesale quarter of the year, Elena Mariani, group strategic planning and investor relations director, flagged on the call. Performance was better than expected, she said, adding that the group now anticipates a mid-single-digit wholesale decline, rather than the high-single-digit decline it had projected previously.
For Moncler, the Americas and China outperformed other regions, with revenues up 5% for the former. (Moncler did not break out China revenue growth, but said that it outperformed the rest of Asia, which was flat year-on-year.) “Bear in mind that [the Americas] has been particularly penalized by the wholesale performance, which was negative in the quarter, and this has partly affected the double-digit growth registered by the DTC channel, which was driven by local US consumption,” Mariani said. EMEA (Europe, the Middle East and Africa) revenues were down 4%, and Japan also underperformed. Both were primarily affected by weak tourism flows, as with the previous quarter, executives flagged; Luciano Santel, group chief corporate and supply officer, said that less Americans in both Europe and Japan was most impactful.
Stone Island revenues in Asia were up 9% year-on-year in Q3, driven by strong sales in China and Japan. EMEA revenues were down 3%, while the Americas fell 3%.
There is no Moncler Genius event on the cards for this year, despite almost seven consecutive years (the brand held one per year since 2018, bar 2022) that saw buzz-driving moments for the brand. Santel said investors should look at the group’s marketing efforts more holistically. “We as a Moncler team are normally very focused on the big events that have been historically very, very impactful and very, very successful,” he said. “But events are not the only way we communicate the brand.” The recent Warmer Together campaign delivered strong results, Santel said, accumulating the brand’s “highest-ever” campaign engagement rate. “I don’t know if the event from last year was more impactful than this campaign, or the other way around, but I invite you to consider that even without the event, our presence, our communication of the brand is still quite important.”
One analyst noted that, starring two US-born film icons, the campaign is geared toward an American audience; “two American icons”, Santel agreed, adding that the campaign had international resonance. Even so, the US will be a key focus for Moncler in 2026, with the opening of its forthcoming Fifth Avenue flagship in New York, and the Moncler Grenoble show to be staged on 31 January in Aspen. “We have to work to keep working very well on the brand communication, on the brand awareness, because in the US we have — different from other regions — still a problem of brand awareness,” Santel added. “[It] is very good in the main cities, but not that much in the other regions of the US.” The brand will continue to broaden its US distribution network to ensure it aligns with the other regions. He also said that tariffs are less of a concern than the devaluation of the US dollar, and that consumers did not respond negatively to tariff-driven price increases.
Moncler executives feel positive about the fourth quarter so far. “October has just started,” Santel said. “The results are positive in all the different regions. We are predominantly satisfied — prudently, because we are talking about only 20 days of the quarter, the most important quarter of the year,” he cautioned. Last year was particularly strong, creating a challenging base of comparison, Santel flagged. “Having said that, so far so good — but nothing the team would extrapolate to predict the results for the year end.”
Correction: Updated to reflect Moncler Group’s 9 month revenues were €1.84 billion; and Moncler brand wholesale fell 4%.
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