When a luxury brand posts numbers above market expectations during a challenging year for the entire industry, those results deserve careful attention. Moncler Group revenues for 2025 totaled 3.13 billion euros, representing a 1 percent increase over the prior year and a 3 percent gain when adjusted for currency fluctuations. That currency-adjusted figure matters. European luxury brands with global distribution have been facing significant foreign exchange headwinds for two consecutive years. The difference between reported and constant-currency growth reveals meaningful information about the strength of underlying demand.
| 📌 Key Facts |
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| 📊 €3.13B total revenue in 2025 🌏 52% of Moncler sales generated in Asia 🚀 +16% Q4 growth for Stone Island at constant currency 🏬 Largest Moncler store set to open on Fifth Avenue 💰 €1.45B net cash position entering 2026 📈 78.1% gross margin maintained despite FX pressure 🔁 DTC represents majority of group sales |
The group, which operates the Moncler and Stone Island brands, finished the year with its strongest quarter yet. Between October and December, consolidated revenues reached 1.3 billion euros, up 7 percent at constant currency. This was not a statistical blip. The fourth quarter reflected a genuine shift in consumer appetite, particularly in Asia and North America. Management had signaled this shift was building through the second half of the year.
On Thursday, after trading closed, Chairman and Chief Executive Remo Ruffini addressed analysts with the measured confidence of someone with a strong balance sheet and a clear sense of direction. He discussed preserving brand identity while remaining adaptable — a tension that defines the challenge of running a luxury group on Moncler’s scale. He also confirmed that the group intends to invest further in its brands and strengthen its organizational platform in 2026. The net cash position of 1.45 billion euros gives him the ability to do so.
The more consequential announcement, at least for those who closely follow the group, was the formal confirmation of a leadership transition that had been anticipated for some time. Leo Rongone, most recently of Bottega Veneta, will take over as group CEO on April 1st. Ruffini will transition to the role of executive chairman while retaining oversight of creative direction. This arrangement preserves Moncler’s distinctive visual identity and commitment to technical performance and fashion credibility, while bringing fresh management capability to the top.
Roberto Eggs, who led the brand’s commercial operations and global market activities, will step back from his executive role on March 1, though he will remain on the board. His tenure coincided with a period of significant geographic expansion and deliberate channel discipline for the Moncler brand.
Moncler brand performance: Asia dominance and the Fifth Avenue statement
Moncler brand revenues for 2025 came in at 2.72 billion euros, up 1 percent overall and 3 percent at constant currency. The fourth quarter saw sales rise six percent at constant currency, with all geographic regions posting improvement – a broad-based result that speaks to more than favorable seasonal conditions.
Asia remains the group’s center of gravity, accounting for 52 percent of Moncler brand revenues, or 1.4 billion euros. The region grew 3 percent for the full year and accelerated to 11 percent at constant currency in the fourth quarter – a strong performance, given the difficult comparison from the prior-year period and the continued unpredictability of Chinese consumer sentiment. China and Korea both outperformed, supported by a healthy contribution from local shoppers and tourists.
The Americas generated 391.1 million euros (14.4 percent of total Moncler brand revenues), growing 9 percent at constant currency during the fourth quarter. This region has emerged as a priority market, as evidenced by the announcement that Moncler’s largest store to date will open on Fifth Avenue in New York City later this year. Committing to one of the most expensive retail locations on the planet is not a cautious decision. It is a declaration of where the brand sees its future.
EMEA was the weaker part of the picture. The region recorded revenues of 913.8 million euros, a 4 percent decline compared to 2024. Fourth-quarter revenues were also down 3 percent at constant currency. Historically, tourist traffic through European cities has powered strong results in Moncler’s directly operated stores. However, it has not yet rebounded to expected levels, which has weighed on the numbers.
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The direct-to-consumer channel delivered 2.36 billion euros for the full year, up 1 percent, with 295 stores at year-end. The fourth quarter posted the best quarterly performance of 2025. Asia and the Americas drove that momentum, while EMEA remained subdued. Wholesale revenues declined 4 percent to 361.3 million euros for the year, though the channel posted modest positive growth in the fourth quarter. The brand has deliberately reduced its monobrand wholesale footprint, closing seven stores to bring the total to 49. Moncler’s strategy is clear: the company wants to own its relationship with its customers, not outsource it.
Moncler presented its Moncler Grenoble collection, a technical, mountain-focused line, in Aspen just ahead of the earnings release. This venue sends a clear message about the type of consumer Moncler wants to reach. Brand leadership described the Grenoble line as having considerable untapped potential and confirmed that the company is working toward a broader, year-round offering that will extend its reach well beyond the winter calendar.
Stone Island’s Q4 surge: from integration to acceleration
Stone Island, the sportswear brand that Moncler acquired in 2020, reported full-year revenues of €411.2 million, up 2 percent from €401.6 million the prior year. The most interesting part is not the headline number. What commands attention is the fourth quarter, when revenues rose 16 percent at constant currency and all regions registered double-digit growth. That kind of quarter does not happen by accident.
Asia was the standout. Stone Island revenues there reached 116.3 million euros for the full year, up 11 percent, and surged 22 percent at constant currency during the fourth quarter. China and Japan both outperformed. EMEA, the brand’s largest market at 268.7 million euros, remained steady for the year but increased 12 percent at constant currency in the final quarter. This growth was supported by robust direct-to-consumer sales and a recovery in wholesale. The Americas declined five percent for the full year, but rebounded sharply in Q4 with a 26 percent gain at constant currency. Both the direct-to-consumer and wholesale channels contributed to that growth.
The momentum that began to emerge in the third quarter was no coincidence. Stone Island’s leadership has deliberately protected what makes the brand distinctive while methodically expanding its reach, and the quarterly numbers are beginning to reflect the fruits of that patient approach.
Stone Island’s direct-to-consumer channel grew eight percent to 226.4 million euros, accounting for 55.1 percent of total sales – a significant shift toward brand-controlled distribution. The brand ended 2025 with 95 directly operated stores, having added five units during the year, including new locations in Costa Mesa, California, and Yorkdale, Canada. The wholesale channel recorded 184.8 million euros for the year, down four percent overall, but recovered in Q4 due to a shift in delivery timing.
Margins, capex and cash: Financial discipline as competitive edge
Moncler Group’s net profit for 2025 was 626.7 million euros, which is modestly below the 639.6 million euros from 2024 but 6 percent above the analyst consensus. The year-over-year decline was primarily the result of higher net financial expenses, which rose sharply to 26.2 million euros from 6.5 million euros the previous year. Group operating profit was 913.4 million euros, 5 percent above the consensus estimate, with a margin of 29.2 percent on revenues.
The gross margin remained at 78.1 percent, consistent with 2024. This reflects the group’s ability to maintain pricing integrity without sacrificing volume. Capital expenditures increased to 215.6 million euros, or 6.9 percent of revenues, up from 186.7 million euros in 2024. This increase reflects heavier investment cycles; the new Milan headquarters is one of the larger expenditures, and the group expects capital expenditures (capex) to return to approximately 6 percent of revenues in 2026.
Foreign exchange will remain a persistent variable. The group’s chief corporate and supply officer flagged an anticipated 4 percent headwind on the top line in 2026 based on current currency dynamics. Pricing for both brands is expected to rise approximately 3 percent, a calibrated adjustment designed to protect margins without causing consumers to hesitate.
The full-year results show a group that successfully navigated a challenging external environment, emerged stronger by year’s end, and enters 2026 with a robust cash position, a streamlined organizational structure, and two brands gaining traction in key global luxury markets.