MILAN — Moncler Group first-quarter revenue beat expectations rising 1 percent to 829 million euros, compared with 818 million euros in the same period last year. The performance was driven by strong direct-to-consumer sales and the Asian market.

By brand, Moncler sales were up 2 percent to 721.8 million euros, compared with 705 million euros in the first three months of 2024.

Stone Island revenues decreased 5 percent to 107.3 million euros compared with 113 million euros in the same period last year, with solid double-digit growth in the DTC channel partially offsetting the decline in the wholesale channel.

“The beginning of the year was marked by ongoing macroeconomic and geopolitical complexities, which we continue to navigate with strong operational discipline and sharp focus on our brand-first strategy,” stated Remo Ruffini, chairman and chief executive officer of the group. “This approach enabled us to achieve solid growth in the DTC channel across both brands in the first quarter, despite an exceptionally high comparable base.”

Acknowledging the “growing volatility and unpredictability” of the moment, “we remain even more committed to executing our clear long-term vision for both Moncler and Stone Island,” Ruffini said. “The year has just begun, and while the macroeconomic picture remains highly unstable, our commitment to combine creativity and innovation with operational flexibility and financial rigor will continue to define our path ahead.”

During a conference call with analysts at the end of trading, Luciano Santel, group chief corporate and supply officer, said the volatility in the quarter did not lead to “any particular change in our customers’ behavior,” and that despite the “turbulent situation…we maintain our focus on our business.”

As expected, the conversation often turned to U.S. President Donald Trump’s tariffs and Santel said “production in the U.S. is something we are not evaluating right now,” and that the group is not planning to move production from Italy and Romania “because from the two regions we can deliver high-end quality. It’s premature, for sure, but honestly, I see it as very complex to evaluate any manufacturing facility in the U.S.”

As for the approach to the U.S., “our strategy remains totally unchanged because we strongly believe in the potential of the U.S. as a country and as a market, where we are underpenetrated.”

He admitted the strategy may be slowed down, but not changed, and highlighted “the most important investment, the most important pillar of our strategy for the next future, the opening of the Moncler store on Fifth Avenue is fortunately already locked in. So the store will open in early 2026 and will be a very important strategic step for our future growth in the U.S.”

Asked about China, the executive said the region “did well, and not only as a market, but also as a cluster, because we saw a significant and growing business with the Chinese customers in other regions, specifically Japan and Europe. We are still behind the 2019 contribution of Chinese business on the total business in Europe, but it is growing year after year, as well as in Japan. We are very happy about the strength of the brand in China with the Chinese customers.”

Moncler’s Performance

In the first three months of 2025, the Moncler brand’s revenues in Asia amounted to 380.8 million euros, up 5 percent despite a very demanding comparable base and the ongoing shift of Chinese consumption abroad. Growth in Japan accelerated sequentially, mainly driven by tourist spending, while South Korea showed softer trends compared to the previous quarter.

The Europe, Middle East and Africa region recorded revenues of 244.3 million euros, a decrease of 1 percent, impacted by the negative performance of wholesale.

Revenues in the Americas were flat at 96.7 million euros, or down 2 percent at constant exchange rates, mainly impacted by the negative trend in the wholesale channel.

The DTC channel recorded revenues of 630.5 million, up 4 percent, despite ongoing market volatility and the exceptionally high comparable base last year, which had recorded strong double-digit growth across all regions. The online channel was weaker than the physical one.

The wholesale channel was down 5 percent to 91.3 million euros, as the company optimizes the quality of its distribution.

As of March 31, Moncler monobrand boutiques totaled 284, including the opening of Shanghai Grand Gateway. The Moncler brand also operated 55 wholesale shops-in-shop.

Asked about Moncler Grenoble, following the fashion show staged in Courchevel in March, Santel said it represents about 10 percent of sales, “and it is growing faster than the the rest of the business. So of course we have great expectations for Grenoble, as the most authentic luxury brand for outdoors independently on the season but it will take time.”

Stone Island’s Business

In the quarter, Stone Island revenues in Asia reached 31.2 million euros, up 14 percent mainly driven by a strong performance of Japan and mainland China. South Korea improved sequentially, although underperforming the rest of the region.

Sales in EMEA were down 11 percent to 69.4 million euros, impacted by the decline in the wholesale channel due to a different timing of deliveries and the streamlining of the distribution. France and the U.K. outperformed the rest of the EMEA region.

Revenues in the Americas were down 17 percent to 6.6 million euros, mainly due to a double-digit negative performance in the wholesale channel. The DTC channel, instead, recorded positive growth, improving sequentially.

In the first three months of 2025, the DTC channel grew by 12 perent to 55.3 million, driven by growth in all regions, with Asia outperforming.

The physical channel continued to outperform the online channel across all regions.

The wholesale channel recorded revenues of 52 million euros, down 18 percent, impacted by a different timing of deliveries.

Stone Island’s wholesale channel “is not expected to be positive in the first half of the year and not in the fiscal year but single-digit, in any event, a negative number,” Santel said.

“We are not planning many new openings, because we want, at this stage of the development of the brand, to maximize the potential of organic growth.”

As of March 31, there were 90 directly operated stores and the brand relocated its flagship in Paris. Stone Island also operated 11 mono-brand wholesale stores.

On Wednesday, the board confirmed Alexandre Arnault, deputy CEO of LVMH Moët Hennessy Louis Vuitton’s wines and spirits division and the son of luxury titan Bernard Arnault, and Sue Nabi, CEO of Coty, as members of the board.

Arnault’s appointment follows the deal inked last September between Ruffini and LVMH, whereby the luxury giant purchased a 10 percent stake in Double R, the investment vehicle controlled by the Italian businessman and the largest Moncler shareholder with a 16.9 percent stake.

Analysts’ Take

James Grzinic at Jefferies in his report wrote that “delivery was likely better than investors had come to fear in the more recent weeks of macro volatility. Still, the lack of engagement on how strongly [the second quarter] has started may dampen some of the enthusiasm. The extent to which [spring] collections can capitalize on much softer comps will be a key point of debate from here.”

Thomas Chauvet at Citi stated that since its IPO in 2013, Moncler “has demonstrated its ability to win the ‘battle of upper body’ in the highly competitive down-jacket segment, particularly during the winter season. Its positioning at the crossroads of luxury fashion and technical, high-quality sportswear is quite unique in the marketplace, we think. The group continues to offer above-industry-average top-line growth in the medium/long-term, supported by white space opportunities in the U.S. and China, pricing potential [about +5 percent for spring 2025], successful expansion into non-outerwear, hidden value at Stone Island and a strong track record of group EBIT margin resilience around 29 to 30 percent.”