Sales strength in China and the Americas helps Moncler outperform expectations despite weaker tourism in Europe and Asia
Moncler Group delivered a resilient performance in the first nine months of 2025, with strong sales in China and the Americas offsetting softer results in Japan and South Korea. For the period ended September 30, group sales declined 1 percent year-on-year to €1.84 billion. Third-quarter revenue fell a better-than-expected 1 percent at constant exchange to €615.6 million, surpassing consensus estimates of €603.8 million.
The company cited slower tourism in Europe and Japan and weaker consumer confidence as key factors. “In a world that continues to evolve, we stay true to who we are — acting with responsibility, leading with intention, never compromising the long-term value of our brand for short-term results,” said chairman and chief executive officer Remo Ruffini.
Sales of the Moncler brand fell 1 percent to €1.55 billion over the nine-month period, while Stone Island revenues declined 1 percent to €288.1 million. On a call with analysts, chief corporate and supply officer Luciano Santel and strategic planning and investor relations director Elena Mariani said the fourth quarter had started positively. “Overall, October started well, the results are positive, honestly, in all the different regions.…We are prudently satisfied,” Santel said.
In the third quarter, Moncler’s revenue was down 1 percent at constant exchange to €514.2 million, while Stone Island remained flat at €101.4 million as direct-to-consumer sales grew 11 percent at constant exchange. The group continued to expand its retail network, opening seven new Moncler stores during the period and preparing to unveil a flagship location on New York’s Fifth Avenue by June 2026.
In Asia — including Asia-Pacific, Japan, and South Korea — Moncler’s nine-month revenues were flat at €752.6 million, representing 48.5 percent of total sales. The company said China continued to outperform, while Japan and South Korea posted weaker results. Santel noted that China’s performance remained strong both in local consumption and sales to Chinese consumers abroad. “Golden Week results were substantially in line with last year, despite global macroeconomic headwinds,” he said. “Overall, we are confident about how China business and business with Chinese customers are evolving. We don’t see any significant sign of weakness.”
In Europe, the Middle East, and Africa, revenue declined 4 percent to €581 million, representing 37.4 percent of the total, largely due to slower tourism. In the Americas, revenue was flat at €219.6 million, or 14.1 percent of the total, but third-quarter results were up 5 percent at constant exchange, driven by double-digit growth in direct-to-consumer channels that offset a softer wholesale performance.
Across the first nine months, Moncler’s direct-to-consumer revenue held steady at €1.26 billion, while the third quarter was also flat at constant exchange as the Americas and China continued to lead growth. Wholesale revenues declined 5 percent to €297.8 million, an improvement from a 9 percent drop the previous year, while the third quarter saw a milder 4 percent decline.
At Stone Island, revenues in the EMEA region fell 4 percent to €196.2 million in the first nine months, while the Americas dropped 14 percent to €17.7 million. These declines were offset by a 9 percent increase in Asia to €74.1 million. Third-quarter revenue in the region also rose 9 percent at constant exchange. Stone Island’s wholesale channel decreased 9 percent to €143 million, while its direct-to-consumer business grew 7 percent to €145.1 million.
Bernstein analyst Luca Solca noted that Moncler’s third-quarter sales exceeded expectations by 1 percent, particularly in wholesale. “All eyes will be on current trading commentary and the events organized for the fourth quarter of 2025 to clear high comps from 2024,” he said.
When asked about future acquisitions, Santel reaffirmed that M&A was not on the company’s agenda. “M&A again is not in our radar screen, it’s not a strategy we have, but that does not mean that we are against any potential acquisition — if and only if we should find another beautiful project, another beautiful company like Stone Island,” he said.
Ruffini pointed to Moncler’s latest communication efforts as a reflection of its enduring values. “Our recently launched campaign Warmer Together celebrates the values that have defined Moncler for more than 70 years — love, connection and a shared sense of warmth — brought to life through the friendship of two legendary Hollywood icons,” he said, referring to the campaign featuring Robert De Niro and Al Pacino. He also highlighted Casa Moncler, the group’s new headquarters, as an expression of the brand’s culture. “More than just a space, it is a powerful expression of our culture — where creativity meets innovation, and where our people come together with strong energy and a deep sense of belonging to shape the future of our brand.”