MILAN — Moncler Group first-quarter income beat expectations rising 1 % to 829 million euros, in contrast with 818 million euros in the identical interval final yr. The efficiency was pushed by robust direct-to-consumer gross sales and the Asian market.
By model, Moncler gross sales have been up 2 % to 721.8 million euros, in contrast with 705 million euros within the first three months of 2024.
Stone Island revenues decreased 5 % to 107.3 million euros in contrast with 113 million euros in the identical interval final yr, with strong double-digit development within the DTC channel partially offsetting the decline within the wholesale channel.
“The start of the yr was marked by ongoing macroeconomic and geopolitical complexities, which we proceed to navigate with robust operational self-discipline and sharp give attention to our brand-first technique,” acknowledged Remo Ruffini, chairman and chief government officer of the group. “This strategy enabled us to attain strong development within the DTC channel throughout each manufacturers within the first quarter, regardless of an exceptionally excessive comparable base.”
Acknowledging the “rising volatility and unpredictability” of the second, “we stay much more dedicated to executing our clear long-term imaginative and prescient for each Moncler and Stone Island,” Ruffini stated. “The yr has simply begun, and whereas the macroeconomic image stays extremely unstable, our dedication to mix creativity and innovation with operational flexibility and monetary rigor will proceed to outline our path forward.”
Moncler Grenoble fall 2025
Giovanni Giannoni/WWD
Throughout a convention name with analysts on the finish of buying and selling, Luciano Santel, group chief company and provide officer, stated the volatility within the quarter didn’t result in “any explicit change in our clients’ conduct,” and that regardless of the “turbulent state of affairs…we preserve our give attention to our enterprise.”
As anticipated, the dialog usually turned to U.S. President Donald Trump’s tariffs and Santel stated “manufacturing within the U.S. is one thing we aren’t evaluating proper now,” and that the group just isn’t planning to maneuver manufacturing from Italy and Romania “as a result of from the 2 areas we are able to ship high-end high quality. It’s untimely, for positive, however truthfully, I see it as very advanced to guage any manufacturing facility within the U.S.”
As for the strategy to the U.S., “our technique stays completely unchanged as a result of we strongly consider within the potential of the U.S. as a rustic and as a market, the place we’re underpenetrated.”
He admitted the technique could also be slowed down, however not modified, and highlighted “a very powerful funding, a very powerful pillar of our technique for the subsequent future, the opening of the Moncler retailer on Fifth Avenue is happily already locked in. So the shop will open in early 2026 and will probably be an important strategic step for our future development within the U.S.”
Requested about China, the manager stated the area “did properly, and never solely as a market, but additionally as a cluster, as a result of we noticed a big and rising enterprise with the Chinese language clients in different areas, particularly Japan and Europe. We’re nonetheless behind the 2019 contribution of Chinese language enterprise on the whole enterprise in Europe, however it’s rising yr after yr, in addition to in Japan. We’re very completely satisfied concerning the power of the model in China with the Chinese language clients.”
Moncler’s Efficiency
Within the first three months of 2025, the Moncler model’s revenues in Asia amounted to 380.8 million euros, up 5 % regardless of a really demanding comparable base and the continuing shift of Chinese language consumption overseas. Progress in Japan accelerated sequentially, primarily pushed by vacationer spending, whereas South Korea confirmed softer tendencies in comparison with the earlier quarter.
The Europe, Center East and Africa area recorded revenues of 244.3 million euros, a lower of 1 %, impacted by the adverse efficiency of wholesale.
Revenues within the Americas have been flat at 96.7 million euros, or down 2 % at fixed change charges, primarily impacted by the adverse development within the wholesale channel.
The DTC channel recorded revenues of 630.5 million, up 4 %, regardless of ongoing market volatility and the exceptionally excessive comparable base final yr, which had recorded robust double-digit development throughout all areas. The net channel was weaker than the bodily one.
The wholesale channel was down 5 % to 91.3 million euros, as the corporate optimizes the standard of its distribution.
As of March 31, Moncler monobrand boutiques totaled 284, together with the opening of Shanghai Grand Gateway. The Moncler model additionally operated 55 wholesale shops-in-shop.
Requested about Moncler Grenoble, following the style present staged in Courchevel in March, Santel stated it represents about 10 % of gross sales, “and it’s rising sooner than the the remainder of the enterprise. So in fact we have now nice expectations for Grenoble, as essentially the most genuine luxurious model for outdoor independently on the season however it is going to take time.”
Stone Island’s Enterprise
Within the quarter, Stone Island revenues in Asia reached 31.2 million euros, up 14 % primarily pushed by a robust efficiency of Japan and mainland China. South Korea improved sequentially, though underperforming the remainder of the area.
Gross sales in EMEA have been down 11 % to 69.4 million euros, impacted by the decline within the wholesale channel as a result of a special timing of deliveries and the streamlining of the distribution. France and the U.Ok. outperformed the remainder of the EMEA area.
Stone Island males’s fall 2025
Courtesy of Stone Island
Revenues within the Americas have been down 17 % to six.6 million euros, primarily as a result of a double-digit adverse efficiency within the wholesale channel. The DTC channel, as a substitute, recorded constructive development, enhancing sequentially.
Within the first three months of 2025, the DTC channel grew by 12 perent to 55.3 million, pushed by development in all areas, with Asia outperforming.
The bodily channel continued to outperform the web channel throughout all areas.
The wholesale channel recorded revenues of 52 million euros, down 18 %, impacted by a special timing of deliveries.
Stone Island’s wholesale channel “just isn’t anticipated to be constructive within the first half of the yr and never within the fiscal yr however single-digit, in any occasion, a adverse quantity,” Santel stated.
“We aren’t planning many new openings, as a result of we would like, at this stage of the event of the model, to maximise the potential of natural development.”
As of March 31, there have been 90 immediately operated shops and the model relocated its flagship in Paris. Stone Island additionally operated 11 mono-brand wholesale shops.
On Wednesday, the board confirmed Alexandre Arnault, deputy CEO of LVMH Moët Hennessy Louis Vuitton’s wines and spirits division and the son of luxurious titan Bernard Arnault, and Sue Nabi, CEO of Coty, as members of the board.
Arnault’s appointment follows the deal inked final September between Ruffini and LVMH, whereby the luxurious large bought a ten % stake in Double R, the funding car managed by the Italian businessman and the most important Moncler shareholder with a 16.9 % stake.
Analysts’ Take
James Grzinic at Jefferies in his report wrote that “supply was doubtless higher than buyers had come to concern within the more moderen weeks of macro volatility. Nonetheless, the dearth of engagement on how strongly [the second quarter] has began might dampen among the enthusiasm. The extent to which [spring] collections can capitalize on a lot softer comps will probably be a key level of debate from right here.”
Thomas Chauvet at Citi acknowledged that since its IPO in 2013, Moncler “has demonstrated its means to win the ‘battle of higher physique’ within the extremely aggressive down-jacket section, notably through the winter season. Its positioning on the crossroads of luxurious trend and technical, high-quality sportswear is sort of distinctive within the market, we expect. The group continues to supply above-industry-average top-line development within the medium/long-term, supported by white area alternatives within the U.S. and China, pricing potential [about +5 percent for spring 2025], profitable growth into non-outerwear, hidden worth at Stone Island and a robust monitor file of group EBIT margin resilience round 29 to 30 %.”
