Moncler nine-month revenue rises 6% at constant exchange rates

Moncler Group reported revenue of €1.895 billion for the first nine months of 2026, up 3 percent on the €1.841 billion recorded a year earlier.

At constant exchange rates the climb was 6 percent, with Moncler revenue reaching €1.589 billion, up 2 percent at current rates and 6 percent at constant rates, while Stone Island rose 6 percent to €306.2 million from €288.1 million. Third-quarter sales came to €605.5 million, essentially stable at constant rates.

Brand performance

The two house brands both advanced. At constant exchange the smaller label grew 8 percent.

Executive chairman Remo Ruffini described an industry still navigating an extremely complex environment. Rigour and discipline mattered more than short-term gain, he said, and the focus stayed on brand strategy guided by a long-term vision. He named two proof points in distribution and storytelling.

The first is the opening of Moncler's biggest flagship in the world on Fifth Avenue, which we covered when it opened: a 23,680-square-foot store where Ruffini argues the US brand remains under-penetrated against rivals. The second is the global campaign Pioneers in Moncler, tied to the label's core DNA.

Ruffini also cited a new Stone Island flagship in Rome and campaigns connecting the brand to music, sport and art. Knowing who we are and where we come from lets us look ahead with clarity, he said, promising to keep moving forward with purpose and discipline.

Third-quarter pressures

The third quarter was the weak link. Moncler brand revenue for the period was €499.6 million, down 1 percent at constant exchange rates, dragged by a direct-to-consumer channel that fell 2 percent at constant rates on slower tourism, particularly in Europe, the Middle East and Africa.

Group chief corporate and supply officer Luciano Santel put the weather plainly: July and August were hot and September ran warmer than the year before, hitting business across the board in Europe. Warm conditions pushed customers toward lighter spring product rather than full winter goods.

That shift squeezed the price mix, though full winter season pricing was positive and the company expects it to strengthen. Moncler plans to stock more spring product and carry it in more stores, without changing the winter and mountaineering DNA of the brand. It is a long journey, Santel allowed.

Across nine months, Moncler's directly operated channel took €1.29 billion, up 3 percent, while wholesale reached €298.5 million, flat year on year but up 3 percent at constant exchange.

The retail network ended September with 305 directly operated stores, a net increase of seven since June. Santel highlighted the Fifth Avenue opening, the addition of the Las Vegas Crystals store and the expansion of the Champs-Élysées store in Paris. Moncler also runs 43 monobrand wholesale stores.

Stone Island's direct channel grew 7 percent to €155.9 million over nine months, and 2 percent at constant rates in the third quarter despite slower traffic and reduced markdown activity in EMEA. Full-price sales kept a double-digit pace, and Asia and the Americas outperformed at double-digit growth.

Stone Island wholesale reached €150.3 million, up 5 percent in the quarter and 7 percent at constant exchange, helped by underlying growth and a different timing of deliveries between the third and fourth quarters. Its store network numbers 94 directly operated units, one fewer than at the end of June.

Geographic results

A larger replacement store will open on Milan's Corso Matteotti in the final quarter, Santel said, alongside the brand's 11 monobrand wholesale stores. Geographically, Moncler Asia led with €822.7 million, up 9 percent, while EMEA fell 6 percent to €546.7 million and the Americas were flat at €219.8 million.

Moncler is very strong in China, Santel told analysts, even with soft traffic in the third quarter and into the fourth. Golden Week did better than last year, which had beaten the year before. Every major event like Chinese New Year brings customers into stores, he said, leaving the company confident on China.

Stone Island Asia reached €86.4 million, up 16 percent, with third-quarter constant-rate growth of 19 percent. EMEA was broadly flat at €198.3 million, up 1 percent, as the company chose to reduce markdown activity. The Americas jumped 22 percent to €21.5 million, up 13 percent at constant rates in the quarter.

The brand, an Italian luxury house renowned for high-quality down jackets and outdoor apparel, competes in the same weather-dependent segment as Brunello Cucinelli, which this month raised its 2026 forecast to 12 percent growth after a 10 percent nine-month sales gain on the same pattern of a softer third period.

At the end of trading on Wednesday, Santel framed the quarter's work as investing in distribution and identity through a complex landscape. Asia-Pacific, Japan and Korea all delivered positive Moncler growth in the quarter, while the Americas decelerated slightly on slower summer traffic.

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Image: Moncler