The group’s smaller label delivered double-digit growth as Moncler works to build a broader, year-round luxury business
Key Takeaways
- Moncler Group’s second-quarter sales rose 5 percent to €409.3 million.
- Stone Island led growth, with revenue climbing 11 percent amid strong demand in the Americas and Asia.
- Moncler brand sales grew 3 percent at constant exchange rates, missing analyst expectations.
- First-half EBIT increased 9.2 percent to €245.4 million, signaling continued earnings resilience.
- The group’s pronounced winter exposure keeps year-round product expansion central to its strategy.
Moncler Group reported a 5 percent increase in second-quarter sales, with strong demand for Stone Island helping balance softer-than-expected growth at the company’s flagship brand.
Revenue reached €409.3 million ($467.1 million) for the three months ended June 30. The Moncler brand generated €323 million, representing 3 percent growth at constant exchange rates and trailing market expectations.
HSBC analysts had projected organic growth of 3.4 percent for the brand, while Bernstein cited a sell-side consensus of 5.1 percent. The result points to a more measured sales environment for Moncler amid continued pressure across the luxury sector.
Stone Island provided the quarter’s clearest source of momentum. Sales rose 11 percent to €86 million, supported by strong demand across the Americas and Asia. The performance highlights the label’s growing strategic importance within the group and its potential to diversify Moncler’s geographic, category, and seasonal exposure.
Macroeconomic uncertainty and the war in the Middle East weighed on the quarter, disrupting tourist flows within the region and into Europe. Moncler executive chairman Remo Ruffini described the operating environment as “complex and hard to predict,” adding that current conditions require the group to remain “sharper and bolder” while maintaining discipline.
Profitability remained resilient during the first half. Earnings before interest and taxes increased 9.2 percent year over year to €245.4 million.
The quarter also underscored the pronounced seasonality of Moncler’s business. The second quarter represented 13 percent of annual group revenue last year, compared with 41 percent in the fourth quarter, when colder weather drives demand for the company’s signature outerwear.
That imbalance remains central to Moncler’s long-term strategy. Expanding warm-weather categories and strengthening Stone Island could help the group develop a steadier revenue profile across the calendar. The second-quarter figures show early progress, though modest growth at the Moncler brand indicates that building a larger year-round business will require sustained product development and sharper consumer engagement.