The numbers were released Tuesday evening and are worth paying attention to. Moncler Group posted strong sales for the first quarter of 2026, with revenues climbing six percent to €880.6 million — or 12 percent when stripped of currency fluctuations — surpassing analyst expectations at a time when the broader luxury sector has offered little to celebrate.
This matters. LVMH has been cautious. Kering has been struggling. Hermès aside, the first-quarter earnings season for luxury has been, in the words of RBC Europe analyst Piral Dadhania, largely lackluster. Against this backdrop, Moncler Group looks less like a luxury conglomerate and more like a company that has figured something out.
The group’s executive chairman, Remo Ruffini, framed the results in terms that went beyond revenue. “What clearly emerged in the first quarter of this year goes beyond a strong revenue performance. It is the depth of the relationships our brands continue to build with their communities around the world,” Ruffini said. “In a global context shaped by conflicts and instability, both Moncler and Stone Island have shown strong energy and cultural relevance.” He was careful to add that none of this happened by accident. “It reflects a clear mindset of valuing what makes each brand unique while constantly evolving and pushing boundaries across products and experiences.“
This kind of language can sound like corporate boilerplate. But Moncler’s numbers give it weight.
Asia was the engine. Revenues for the Moncler brand rose 22 percent in the region at constant currency, with China and Korea outperforming. Stone Island’s revenues in Asia climbed 25 percent at constant currency — the third consecutive quarter of double-digit growth for the brand in that market. These are not soft figures. China’s consumer story has been complicated for years, weighed down by prolonged difficulties in the real estate sector and a compression of disposable incomes. Luciano Santel, the group’s chief corporate and supply officer, was cautious about the situation. He said he was “not sure the problems in China are over,” but he did acknowledge seeing “more vibe than in the past.” For a luxury executive in 2026, that counts as optimism.
The group’s direct-to-consumer channel was also a bright spot. Moncler’s DTC revenues grew 14 percent at constant currency, and Stone Island’s DTC channel grew 17 percent, with organic growth across all regions. By contrast, wholesale remained close to flat, reflecting a deliberate, industry-wide pivot away from department stores and multi-brand retailers toward branded environments offering tighter control over presentation and pricing.
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America is another chapter worth reading carefully. Moncler’s revenues in the Americas declined two percent in reported terms, but increased seven percent at constant exchange. Santel said the U.S. remains an underpenetrated market, which, in the context of luxury, is more of an opportunity than a weakness. The upcoming Moncler flagship store on Fifth Avenue in New York — the brand’s largest to date on one of the world’s most expensive retail corridors — will clearly demonstrate how seriously the group is taking the American consumer. “We have great expectations, and it will be a long journey, but we are confident,” said Santel.
Then there is the question of leadership. Ruffini acknowledged Leo Rongone’s arrival from Bottega Veneta as the group’s new chief executive officer as a significant moment while emphasizing continuity. Ruffini himself is moving into the role of executive chairman and will retain oversight of creative direction. He said he will stay “fully involved, with the same passion and commitment.” It’s a changing of the guard managed with deliberate care.
Stone Island, the group’s second brand, also posted solid gains. Revenues rose six percent to 114.1 million euros, or 11 percent at constant currency. Notably, the brand’s Ghost line — described by investor relations director Elena Mariani as the label’s most elevated offering, defined by tone-on-tone designs — grew to represent 10 percent of Stone Island’s total sales. This kind of shift tells you where a brand is heading. Higher margin, quieter products, and customers who know exactly what they’re looking for.
There are soft spots, of course. For the Moncler brand, Europe, the Middle East, and Africa were down 2 percent, dampened by a drop in tourism and weak online performance. The Middle East conflict curtailed travel from Asian consumers to Europe, softening March results. The region itself accounts for less than two percent of Moncler’s revenues and, according to Santel, was down considerably. However, he noted that it did not materially affect the overall picture.
Currency is another friction point. Santel flagged an expected headwind of three to four percent on the full-year top line, reminding us that reported figures can flatter or obscure the real story depending on how the dollar and yuan are trading.
Nevertheless, the quarter reveals a group with a clearly defined strategy and the operational discipline to execute it. Dadhania of RBC called Moncler “a high-quality luxury brand with category-leading credentials in outerwear and apparel” and noted that its growing emphasis on technical outerwear through the Grenoble line positions it well within the expanding luxury outdoor segment. He described Stone Island as having “laid the groundwork in recent years” for consistent, retail-driven growth, supported by a credible leadership structure.
The rest of the luxury industry is watching many moving parts right now. Moncler Group seems to know exactly where it is going, at least for this quarter.