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 12 months. The efficiency was pushed by sturdy 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 12 months, with stable double-digit progress within the DTC channel partially offsetting the decline within the wholesale channel.
“The start of the 12 months was marked by ongoing macroeconomic and geopolitical complexities, which we proceed to navigate with sturdy operational self-discipline and sharp concentrate on our brand-first technique,” said Remo Ruffini, chairman and chief govt officer of the group. “This method enabled us to attain stable progress 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 12 months 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’ habits,” and that regardless of the “turbulent scenario…we keep our concentrate on 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’re not evaluating proper now,” and that the group shouldn’t be planning to maneuver manufacturing from Italy and Romania “as a result of from the 2 areas we will ship high-end high quality. It’s untimely, for certain, however actually, I see it as very complicated to judge any manufacturing facility within the U.S.”
As for the method to the U.S., “our technique stays completely unchanged as a result of we strongly imagine 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 “crucial funding, crucial pillar of our technique for the following future, the opening of the Moncler retailer on Fifth Avenue is luckily already locked in. So the shop will open in early 2026 and shall be a vital strategic step for our future progress 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 overall enterprise in Europe, however it’s rising 12 months after 12 months, in addition to in Japan. We’re very blissful 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 continued 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 unfavorable 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 unfavorable 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 12 months, which had recorded sturdy double-digit progress throughout all areas. The web 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 quicker than the the remainder of the enterprise. So in fact we’ve nice expectations for Grenoble, as probably the most genuine luxurious model for outside 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 attributable to a unique 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 attributable to a double-digit unfavorable efficiency within the wholesale channel. The DTC channel, as an alternative, recorded constructive progress, bettering sequentially.
Within the first three months of 2025, the DTC channel grew by 12 perent to 55.3 million, pushed by progress 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 unique timing of deliveries.
Stone Island’s wholesale channel “shouldn’t be anticipated to be constructive within the first half of the 12 months and never within the fiscal 12 months however single-digit, in any occasion, a unfavorable quantity,” Santel stated.
“We aren’t planning many new openings, as a result of we wish, at this stage of the event of the model, to maximise the potential of natural progress.”
As of March 31, there have been 90 straight 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 automobile managed by the Italian businessman and the biggest Moncler shareholder with a 16.9 % stake.
Analysts’ Take
James Grzinic at Jefferies in his report wrote that “supply was doubtless higher than traders had come to concern within the newer weeks of macro volatility. Nonetheless, the shortage of engagement on how strongly [the second quarter] has began could dampen a few of the enthusiasm. The extent to which [spring] collections can capitalize on a lot softer comps shall be a key level of debate from right here.”
Thomas Chauvet at Citi said that since its IPO in 2013, Moncler “has demonstrated its potential 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 style and technical, high-quality sportswear is kind of distinctive within the market, we expect. The group continues to supply above-industry-average top-line progress 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 enlargement into non-outerwear, hidden worth at Stone Island and a robust observe report of group EBIT margin resilience round 29 to 30 %.”
