On February 13, Moncler Group announced that its full-year 2024 revenue reached €3.1 billion, a 7% increase year-over-year. This result surpassed the €2.98 billion recorded in 2023, exceeding analyst expectations. The Direct-to-Consumer (DTC) business played a significant role in this growth, with Moncler brand achieving an 8% increase to €2.7 billion and Stone Island recording a 2% decline to €401.6 million.
Q4 Performance and Regional Growth
In Q4 2024, Moncler recorded 8% year-over-year growth, while Stone Island saw a 10% increase, demonstrating solid momentum. The DTC channel remained the key growth driver, with Moncler’s DTC sales rising by 9% and Stone Island’s by 15%, both surpassing the previous quarter’s growth.
By region, the Asian market recorded a 7% increase in revenue, reaching €1.38 billion, with double-digit growth in mainland China significantly contributing to the overall performance. Additionally, the EMEA (Europe, Middle East, and Africa) market grew by 4% to €949.3 million, while the Americas recorded a 2% increase to €379 million. Particularly in the U.S. market, spending by American tourists in Paris and Milan played a role in revenue growth.
Expansion Strategy in the U.S. Market
Moncler sees the U.S. as a major growth opportunity in the coming years and is focusing on optimizing its sales strategy. As part of this effort, the company has been reviewing its wholesale model while accelerating the transition to hybrid and concession models, aiming to establish a more flexible and sustainable distribution network.
Additionally, Moncler is restructuring its partnership models with major department stores to strengthen its distribution network. The company has also seen success with experimental market expansions in warmer cities such as Atlanta, Dallas, and Houston, adopting tailored approaches suited to local market characteristics.
In early 2026, Moncler plans to open a flagship store on Fifth Avenue in New York City, further enhancing its brand presence and expanding its influence in the U.S. market.
Stone Island’s Growth Strategy
In 2024, Stone Island focused on strengthening brand positioning and increasing visibility, which drove growth in its DTC channel. As a result, DTC revenue increased by 21% year-over-year to €208.9 million, with the brand’s DTC ratio expanding to 52%.
Conversely, wholesale revenue declined by 19% year-over-year to €192.7 million, reflecting a strategic shift in distribution. Stone Island has been implementing initiatives to enhance the quality of its distribution network, aiming for a more controlled and cohesive brand expansion.
By region, the Asian market saw an 18% increase, with Japan leading the growth. However, EMEA revenue declined by 6%, while the Americas saw a 19% decrease, continuing to face challenges. In Q4, however, the U.S. market recorded a slight recovery, with a 2% year-over-year increase, driven by improvements in the wholesale channel.
In response, Stone Island plans to further expand its DTC business and strengthen brand recognition, solidifying its growth foundation.
2025 Outlook
Looking ahead to 2025, Moncler plans to implement a single-digit price adjustment to reflect inflationary pressures and rising production costs.
Moncler Group’s Chairman and CEO, Remo Ruffini, stated, “As we move into 2025, while the global macroeconomic context remains uncertain, we are confident in our ability to navigate evolving market dynamics. Inspired by our heritage, our passion for innovation, and our ambition to push boundaries beyond conventions, we are shaping the future of our brands to drive sustainable growth and create long-term value.”
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