Moncler Group closes first nine months with 1.8 billion euros

Moncler Group reported consolidated revenues of 1.84 billion euros (2.10 billion dollars) for the first nine months of 2025. This figure is stable at constant exchange rates (-1 percent at current exchange rates) compared to 1.86 billion euros in the first nine months of 2024. The results include revenues of 1.55 billion euros from the Moncler brand and 288.1 million euros from the Stone Island brand. Today, Tuesday, the board of directors of Moncler spa reviewed and approved the interim management statement for the first nine months of 2025.

Review of Moncler results

In the third quarter, the company generated revenues of 615.6 million euros, a decrease of 1 percent at constant exchange rates compared to the same period in 2024. The Moncler and Stone Island brands recorded revenues of 514.2 million euros and 101.4 million euros, respectively, in the third quarter.

“We close the first nine months of the year focused on executing our strategy with discipline, flexibility and a clear direction, aware of the challenges but also open to the opportunities that await us,” stated Remo Ruffini, chairman and chief executive officer of Moncler spa, in a note. “Our recently launched ‘Warmer Together’ communication campaign celebrates the values that have defined Moncler for over 70 years: emotions; human connections; and the warmth that comes from being together, told through the friendship of two Hollywood icons.”

“These same values come to life in Casa Moncler, our new headquarters and an important milestone in our journey. It is more than just a place; it is a tangible expression of our culture, where creativity and innovation meet, and where our people come together with strong energy and a sense of belonging to build the future of the brand,” Ruffini added. He specified that in a constantly evolving world, “we remain true to who we are, acting with responsibility and determination, without ever compromising the long-term value of our brands for short-term results.”

Moncler brand revenue by geographical area

In the first nine months of 2025, revenues in Asia (which includes APAC, Japan and Korea) amounted to 752.6 million euros, an increase of 3 percent at constant exchange rates compared to the same period in 2024. In the third quarter, revenues in the region remained stable at constant exchange rates year-over-year, in line with the previous quarter. China continued to outperform the rest of the region, while Japan and Korea recorded a weaker performance.

The EMEA region recorded revenues of 581.0 million euros, down 4 percent at constant exchange rates compared to the first nine months of 2024. In the third quarter, revenues in the region were down 4 percent YoY, showing a sequential improvement.

Revenues in the Americas increased by 2 percent at constant exchange rates compared to the first nine months of 2024, reaching 219.6 million euros. In the third quarter, revenues in the region grew by 5 percent YoY, supported by double-digit growth in the direct-to-consumer channel, which was partly offset by a decline in the wholesale channel.

In the first nine months of 2025, the direct-to-consumer (D2C) channel achieved revenues of 1.25 billion euros, an increase of 1 percent at constant exchange rates compared to the same period in 2024. Revenues in the third quarter of 2025 remained stable at constant exchange rates YoY, showing a slight sequential improvement despite ongoing macroeconomic difficulties and weak consumer confidence. The Americas and China performed better than other regions, while EMEA and Japan underperformed, mainly due to weak tourist flows.

The wholesale channel recorded revenues of 297.8 million euros, down 5 percent at constant exchange rates compared to the first nine months of 2024. In the third quarter, “the most significant of the year for this channel, revenues decreased by 4 percent at constant exchange rates YoY, an improvement on the previous quarter, while continuing to be affected by ongoing initiatives aimed at improving the quality of distribution through the continuous optimisation of the distribution network,” the management specified in the note.

As of September 30, 2025, the Moncler brand's network of monobrand stores consists of 294 direct retail outlets, a net increase of seven units compared to June 30, 2025.

Stone Island brand revenue by geographical area

In the first nine months of 2025, Stone Island generated revenues of 288.1 million euros, a decrease of 1 percent compared to the same period in 2024.

In the third quarter, the brand's revenues were 101.4 million euros, stable at constant exchange rates YoY.

In the first nine months of 2025, Asia reached 74.2 million euros in revenue, an increase of 13 percent at constant exchange rates compared to the same period in 2024. In the third quarter, the region grew by 9 percent YoY, mainly due to the continued strong performance of China and Japan.

The EMEA region recorded revenues of 196.2 million euros, down 4 percent at constant exchange rates compared to the same period in 2024. In the third quarter, revenues were down 3 percent YoY, with the strong performance of the D2C channel being more than offset by the negative performance of the wholesale channel.

The Americas recorded a decrease of 11 percent compared to the first nine months of 2024. In the third quarter, revenues were down 3 percent at constant exchange rates YoY, with a sequential improvement in both the wholesale and D2C channels.

In the first nine months of 2025, the D2C channel recorded growth of 9 percent compared to the same period in 2024, reaching 145.1 million euros. In the third quarter, the channel's revenues increased by 11 percent at constant exchange rates YoY, driven by strong performance in Asia and EMEA.

The wholesale channel recorded revenues of 143.0 million euros, down 9 percent compared to the first nine months of 2024. In the third quarter, revenues were down 8 percent.

As of September 30, 2025, the Stone Island brand's network of monobrand stores consists of 92 direct retail outlets, a net increase of one unit compared to June 30, 2025.

The New Bond Street store Credits: Courtesy of Moncler

This article was translated to English using an AI tool.

OR CONTINUE WITH

Moncler

Remo Ruffini

Stone Island