Moncler’s second-quarter results show a brand increasingly dependent on Asia and cost discipline to offset a weakening European base, with tourist-driven softness in EMEA now the swing factor in group growth, a dependency tested further if travel spending does not recover in the second half.
Moncler Group posted a 19.0 percent operating margin in the first half of 2026, up from 18.3 percent a year earlier, even after absorbing roughly 60 basis points of one time costs tied to a new governance structure. But growth nearly halved between the first and second quarter, with the Moncler brand’s core European market turning negative.
Group revenue reached €1,289.9 million in H1 2026, up 9 percent at constant exchange rates (5 percent reported). But the pace slowed markedly in the second quarter, when group revenue growth fell to 5 percent on a constant currency basis from the double digit pace set in the first three months of the year.
The deceleration was concentrated in the Moncler brand’s home region.
EMEA revenue for the flagship label fell 8 percent on a constant currency basis in the second quarter, a decline the company attributed to softer tourist flows — particularly from Asian visitors — and a weak online channel. That regional weakness pulled Moncler brand growth down to 3 percent cFX in Q2, from 12 percent in the first quarter.
| Moncler Group — Income statement | |||
| H1, ended June 30 (€ millions) | |||
| H1 2026 | H1 2025 | Change | |
| Revenue | 1,289.9 | 1,225.7 | 5.2% |
| Gross profit | 995.2 | 941.9 | 5.7% |
| Selling expenses | -446.3 | -429.5 | 3.9% |
| G&A expenses1 | -180.4 | -170.4 | 5.9% |
| Marketing expenses | -123.1 | -117.3 | 4.9% |
| EBIT | 245.4 | 224.8 | 9.2% |
| Net financial income/(expenses)2 | -12.1 | -6.5 | 86.2% |
| EBT | 233.3 | 218.3 | 6.9% |
| Taxes | -68.6 | -64.8 | 5.9% |
| Group net result | 164.7 | 153.5 | 7.3% |
Source: Moncler Group H1 2026 Financial Results press release and presentation, July 22, 2026. All figures in € millions. ¹ H1 2026 G&A includes €8.0m of one-off charges related to the new governance structure. ² Includes interest on lease liabilities of €25.0m (€18.7m in H1 2025).
Asia delivered a much better picture.
Regional revenue for Moncler climbed 12 percent cFX in the second quarter, with China and South Korea outperforming, while the Americas grew 4 percent on the strength of the direct to consumer channel.
Stone Island continued to outpace its parent brand on every metric. The label’s H1 revenue rose 11 percent cFX to €200.3 million, with second quarter growth also at 11 percent. As a combined result, group net result rose 7 percent to €164.7 million, a 12.8 percent margin. The gross margin improvement to 77.2 percent from 76.9 percent reflected a richer direct to consumer mix at both brands, while selling expenses fell to 34.6 percent of revenue from 35.0 percent on positive operating leverage.
Leadership changes confirmed
The period’s most consequential corporate development landed on results day itself rather than in the P&L: the board acknowledged the resignations of nonexecutive director Alexandre Arnault and independent director Geoffroy van Raemdonck, replacing Arnault with Sidney Toledano, the former chairman and chief executive of Christian Dior Couture and, until 2024, chairman of the LVMH Fashion Group.
The move follows the leadership transition completed April 1, when Bartolomeo Rongone joined as chief executive from Bottega Veneta while founder Remo Ruffini shifted to executive chairman.
