On April 21, Italian luxury group Moncler Group announced its results for the first quarter of 2026 (January–March), reporting consolidated revenues of €880.6 million, up 12% year-over-year at constant exchange rates. Despite ongoing macroeconomic uncertainty, both of its core brands, Moncler and Stone Island, delivered double-digit growth, underscoring the strength of the group’s dual-brand strategy.
Summary
- Moncler Group reported Q1 2026 revenues of €880.6 million, up 12% year-over-year at constant exchange rates
- Moncler generated €766.5 million in revenue, up 12%, while Stone Island posted €114.1 million, up 11%
- The DTC channel remained the main growth driver, with Moncler up 14% and Stone Island up 17%
- Asia led regional performance, with Moncler up 22% and Stone Island up 25%, driven largely by China and Korea
- EMEA remained soft amid weaker tourism flows, while the Americas stayed resilient on the back of solid local demand
Moncler: Asia-Led Growth and Continued DTC Strength
Looking at brand performance, Moncler reported revenues of €766.5 million, marking a 12% increase year-over-year at constant exchange rates. Growth was primarily driven by the DTC channel, which rose 14% despite a high comparison base and ongoing market volatility, highlighting the brand’s strong direct retail capabilities.
Regionally, Asia saw the strongest growth at +22%, supported by robust demand from both local consumers and tourists, particularly in China and Korea. In contrast, EMEA declined by 1%, impacted by subdued tourism and weaker online performance. The Americas posted a 7% increase, supported by solid local consumption.
Stone Island: Balanced Global Growth Across All Regions
Stone Island reported revenues of €114.1 million, up 11% year-over-year at constant exchange rates. The brand continued to benefit from strong DTC performance, which grew 17%, driven by consistent organic growth across all regions.
Asia and the Americas led regional performance, with growth rates of 25% and 24%, respectively. EMEA also recorded steady growth at +3%. The Spring/Summer 2026 collection was well received, supporting a 4% increase in wholesale revenues.
Strengthening Brand-Community Connections
Remo Ruffini, Executive Chairman of Moncler, commented: “What clearly emerged in the first quarter of this year goes beyond a strong revenue performance: it is the depth of the relationships that our brands continue to build with their communities around the world.
In a global context shaped by conflicts and instability, both Moncler and Stone Island have shown strong energy and cultural relevance.
This does not happen by chance. It reflects a clear mindset: valuing what makes each brand unique, while constantly evolving and pushing boundaries across products and experiences.
As we move into the next phase of our journey, with Leo Rongone now on board, our focus is very sharp: staying true to who we are, never standing still, and keeping our brands’ integrity firmly at the centre of every decision.
In an increasingly complex external environment, we remain committed to staying agile and responsive, guided by our clear strategic vision.”
The group’s 12% growth signals more than a cyclical rebound in demand. It reflects the effectiveness of a strategy centered on controlling brand experience through DTC. In particular, the strong performance in Asia suggests a structural shift in luxury consumption, moving away from tourism-driven spending toward local demand.
At the same time, weaker performance in EMEA highlights the risks of continued reliance on inbound tourism. As regional demand patterns continue to evolve, the ability to adapt to local consumption dynamics will be a critical factor in sustaining growth.
Under CEO Leo Rongone’s leadership, the next phase for Moncler Group will be defined by its ability to translate this growth model into a sustainable competitive advantage. How this strategy materializes across products and retail experiences will become clearer in the coming quarters.
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