Moncler Group Posts Nine-Month Revenue Growth Despite Warm Weather, Tourism Slowdown

Moncler Group has demonstrated resilience in the first nine months of 2026, managing to increase its total revenues by 3 percent to 1.89 billion euros compared to the same period last year. This progress occurred despite experiencing significant obstacles such as unseasonably warm weather and a downturn in tourist traffic across Europe.

The group's performance was largely buoyed by strong contributions from its Asia-Pacific and Americas markets. Revenues in Asia, which include Japan and Korea, rose by 9 percent to 822.7 million euros, with all countries in the region posting gains in the third quarter. Meanwhile, the Americas showed a 5 percent increase at constant exchange rates, maintaining growth momentum despite a slight slowdown in summer traffic.

Moncler’s flagship brand sustained steady growth, with sales increasing by 2 percent to 1.58 billion euros over nine months. However, the third quarter saw a 1 percent decline in revenue at constant exchange rates, primarily influenced by reduced direct-to-consumer sales in Europe, the Middle East, and Africa. This contraction was attributed to softer local demand compounded by diminished tourist flows, especially from Asia, as well as the impact of warmer temperatures reducing the demand for full winter apparel.

To offset seasonal challenges, the company adapted its inventory strategy by expanding the availability of lighter spring merchandise in stores, aiming to better cater to fluctuating seasonal conditions without compromising the brand’s winter heritage. This approach reflects a deliberate effort to diversify product relevance throughout the year while preserving Moncler’s core identity.

Moncler’s retail footprint continued to grow, with the addition of seven directly operated monobrand boutiques, bringing the total to 305 by the end of September. Notably, the group opened its largest flagship store worldwide on New York’s Fifth Avenue, alongside expansions in Las Vegas and Paris, signaling robust investment in physical retail experiences.

Stone Island, Moncler Group’s other principal brand, posted a solid 6 percent increase in revenues to 306.2 million euros for the nine months. Its third-quarter revenues advanced by 5 percent at constant exchange rates, driven by double-digit growth in Asia and the Americas. Stone Island’s direct-to-consumer segment grew by 7 percent, supported by full-price sales and minimized markdowns in Europe, the Middle East, and Africa.

The brand’s retail network saw a minor contraction with one fewer directly operated store since June, but plans are underway to launch a larger location in Milan’s prestigious Corso Matteotti, underscoring continued expansion efforts.

Wholesale channels for both Moncler and Stone Island maintained steady performance, with modest growth despite ongoing efforts to refine and elevate distribution quality. The wholesale segment for Moncler remained flat in absolute terms but increased by 3 percent at constant exchange rates, while Stone Island’s wholesale revenues climbed 7 percent at constant exchange rates in the third quarter.

Overall, Moncler Group’s ability to navigate a complex retail environment marked by unpredictable weather and shifting tourism patterns highlights its strategic emphasis on brand clarity and global market diversity. The company’s sustained investments in flagship stores, balanced channel management, and regional focus have collectively underpinned its continued revenue growth during a challenging economic period.

While challenges persist, especially in the EMEA region, the group’s performance in Asia and the Americas provides a robust counterbalance and a foundation for future growth. Moncler’s adaptive approach to product seasonality and distribution, combined with its global branding initiatives, positions it to maintain momentum as it moves into the final quarter of 2026.