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Introduction & Market Context
Moncler SpA (BIT:MONC) released its Q1 2025 interim management statement on April 16, showing modest growth despite challenging macroeconomic conditions. The luxury outerwear group reported a 1% increase in revenues at constant exchange rates, reaching €829 million. The company’s stock responded positively to the results, closing up 0.66% at €54.72.
CEO Remo Ruffini emphasized the company’s focus on navigating ongoing macroeconomic and geopolitical complexities through "strong operational discipline and a brand-first strategy." This approach has enabled solid growth in the direct-to-consumer (DTC) channel across both the Moncler and Stone Island brands, despite facing high comparable bases from previous quarters.
As shown in the following revenue highlights, the group’s performance was driven by the Moncler brand’s 2% growth, while Stone Island experienced a 5% decline:
Quarterly Performance Highlights
The Moncler brand continued its positive trajectory with revenues of €721.8 million, up 2% year-over-year at constant exchange rates. This growth was primarily driven by the direct-to-consumer channel, which increased by 4% despite challenging comparisons with Q1 2024, when the brand achieved 26% growth.
Stone Island faced more significant challenges, with revenues declining 5% to €107.3 million. However, the brand’s DTC channel showed impressive growth of 12%, partially offsetting a 19% decline in wholesale revenues. This performance aligns with the group’s strategic shift toward strengthening direct retail operations.
During the earnings call, Elena Mariani, Group Strategic Planning and Investor Relations Director, noted: "Our focus as a group is very clear: to continue executing our long-term brand-first strategy across both Moncler and Stone Island, staying true to our commitment to creativity, innovation and customer centricity."
Detailed Financial Analysis
Moncler’s geographic performance showed significant variation across regions. Asia led growth with a 6% increase, driven by positive performance in mainland China despite high comparable bases, and accelerating growth in Japan supported by tourism. Meanwhile, EMEA declined 1%, primarily impacted by wholesale performance, while the Americas fell 2%, also affected by wholesale channel weakness.
The following chart illustrates Moncler’s revenue distribution by geography:
Looking at Moncler’s channel performance, the DTC segment grew 4% to €630.5 million, now representing 87% of total brand revenues (up from 84% in Q1 2024). The physical retail channel outperformed online sales. Wholesale revenues declined 5% to €91.3 million, reflecting the company’s ongoing efforts to upgrade distribution quality.
For Stone Island, geographic performance showed even greater divergence. Asia delivered exceptional 15% growth, driven by strong results in Japan and China, while Korea showed sequential improvement. However, EMEA declined 11% despite positive DTC performance, and Americas fell 18%, primarily due to wholesale challenges.
Stone Island’s channel performance reflects the brand’s strategic shift toward direct retail. DTC revenues grew 12% to €55.3 million, with Asia outperforming other regions. The DTC channel now represents 52% of Stone Island’s total revenues, up from 44% in Q1 2024. Wholesale revenues declined 19% to €52.0 million, impacted by delivery timing and distribution network improvements.
Strategic Initiatives
During Q1, Moncler executed several high-profile brand initiatives. The highlight was the Moncler Grenoble Fall/Winter 2025 collection unveiling in Courchevel, featuring a runway show at the Courchevel Altiport at 2,008 meters above sea level. This event generated over €3 billion in potential global reach and over €300 million in global engagement, making it the most impactful Moncler Grenoble event to date.
Stone Island also made significant strategic moves, including opening a new showroom in Milan and relocating its Paris flagship store to Rue St. Honoré. The new Paris location features a retail concept developed in collaboration with OMA/AMO and has already delivered improved results compared to the previous store.
The group continues to expand its mono-brand store network strategically. As of March 31, 2025, Moncler operated 284 retail stores and 55 wholesale locations, while Stone Island had 90 retail stores and 11 wholesale locations globally.
Notable recent store openings include the Shanghai Grand Gateway for Moncler and the Paris flagship for Stone Island, both showcasing the brands’ distinctive aesthetic and retail concepts:
Forward-Looking Statements
Looking ahead, Moncler Group is maintaining a prudent approach for 2025, with expectations of mid-single-digit growth in its direct-to-consumer channel. The company emphasized its commitment to maintaining flexibility in its supply chain, with production adjustment capacity of around 10%.
During the earnings call, management addressed concerns about potential U.S. tariffs and economic volatility. Luciano Santo, Chief Corporate and Supply Officer, confirmed the company’s commitment to the U.S. market, stating: "We strongly believe in the potential of The US as a country and as a market." The company plans to open a Fifth Avenue store in early 2026, demonstrating its long-term confidence despite near-term challenges.
The group anticipates higher marketing spending in the first half of the year compared to 2024, underscoring its commitment to brand development. Management also highlighted that approximately 30% of production will be in-house by the end of 2025, including facilities in Romania and Italy, providing additional flexibility to navigate market uncertainties.
While acknowledging the volatile macroeconomic environment, Moncler Group remains focused on executing its long-term brand-first strategy while maintaining strong operational discipline and financial rigor—a balanced approach that appears to be resonating with investors as the company navigates through challenging market conditions.
Full presentation:
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