Moncler Group said consolidated first-quarter 2025 revenues rose 1 per cent year-on-year to €829 million, better than market expectations. Moncler shares jumped slightly in after-hours trading.
By brand, Moncler revenues were up 2 per cent to €721.8 million for the quarter, while Stone Island revenues were down 5 per cent to €107.3 million. Both brands saw gains in direct-to-consumer sales, with Moncler DTC up 4 per cent; and Stone Island’s up 12 per cent.
“The beginning of the year was marked by ongoing macroeconomic and geopolitical complexities, which we continue to navigate with strong operational discipline and sharp focus on our brand-first strategy,” Moncler chairman and CEO Remo Ruffini said in Wednesday’s earnings release. “This approach enabled us to achieve solid growth in the DTC channel across both brands in the first quarter, despite an exceptionally high comparable base. In times of growing volatility and unpredictability, we remain even more committed to executing our clear long-term vision for both Moncler and Stone Island.”
For the first quarter, Moncler brand was up 6 per cent in Asia to €380.8 million, with China and Japan driving growth. Japan’s results were driven by tourist spending. South Korea showed softer trends than the previous quarter. EMEA and the Americas fared worse, down 1 per cent to €244.3 million and 2 per cent to €96.7 million, respectively. That said, executives flagged that this decline signals steady sales, given the “remarkably strong growth” achieved in the first quarter of 2024. (That quarter, Asia revenues grew 26 per cent; EMEA 15 per cent; and Americas 14 per cent.)
Asia also outperformed for Stone Island, with revenues up 15 per cent to €31.2 million. Mainland China and Japan were the drivers. EMEA revenues were down 11 per cent to €69.4 million, and revenues in the Americas fell 18 per cent. The Americas drop was largely down to a double-digit negative wholesale performance in the region, as was EMEA, to a lesser extent.
Luxury’s hoped-for rebound in 2025 has yet to take shape. On Monday, LVMH reported a 3 per cent sales decline for the first quarter (with fashion down 5 per cent). Ahead of this week’s first-quarter kick-off, analysts flagged concerns about the impact of macro fears — from tariff chaos to (related) slowing luxury consumption.
On the tariff situation, chief corporate and supply officer Luciano Santel confirmed that Moncler’s pricing will not go up for the Spring/Summer season, as the collection has already shipped to the US. Any changes for Fall/Winter are as yet undecided, he added, given the lack of clarity around whether the 20 per cent tariffs on EU imports will eventualise. “For winter, it will depend on whether or not the current administration will confirm the 20 per cent.”
Santel continued: “We are more worried about the current and the future health of the American economy — and of the consumer confidence — much more than the tariffs themselves.” He also confirmed that the company is not exploring production in the US at this moment. Currently, Moncler primarily manufactures in Italy and Romania. “[These are] the two regions where we can deliver high quality with a very high know-how,” he said. “In the US, this is something that I think is premature for sure, but honestly, I see it as very complex to evaluate any manufacturing facility in the US.”
Though Moncler executives are concerned about the US market in the near-term, the company isn’t rolling back its US market investment plan as of yet. “Our strategy remains totally unchanged because we strongly believe in the potential of the US as a country and as a market,” Santel said. The forthcoming Fifth Avenue, New York Moncler flagship, opening in early 2026, is still on the cards. It’s “fortunately already locked in”, Santel said. “It will be a very important strategic step for our future growth in the US.”
On Wednesday, Moncler also announced a newly appointed board of directors. Ruffini is now chairman of Moncler and Marco De Benedetti is vice-chairman of the company; and Ruffini, Roberto Eggs (Moncler’s chief business strategy and global market officer) and Santel are all executive directors.
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