FY 2025: Moncler Group posts €3.1bn revenue with strong Q4 performance

Moncler Group closed fiscal 2025 with revenues of €3.13 billion, up 3 percent at constant exchange rates on the prior year. A sharp fourth-quarter upturn across both the Moncler and Stone Island brands underscored the resilience of the group’s dual-brand architecture, even as subdued European tourism continued to weigh on traffic.

The figures were released on 19 February 2026, alongside a proposed dividend of €1.40 per share and confirmation that Bartolomeo “Leo” Rongone will assume the role of Group Chief Executive Officer from 1 April 2026.

Moncler Group holds margin near 30% despite modest growth

At the operating level, earnings before interest and taxes (EBIT) reached €913.4 million, yielding a margin of 29.2 percent – down just 30 basis points from the prior year’s 29.5 percent. That the group managed to hold profitability near last year’s levels despite sluggish revenue growth points to tight cost discipline: marketing spend remained steady at 7 percent of sales, while gross margin was unchanged at 78.1 percent.

Net profit of €626.7 million was 2 percent lower than the prior year, reflecting higher net financial expenses of €26.2 million compared with €6.5 million in 2024 – a shift driven by increased interest on lease liabilities as the group expanded its retail footprint and advanced construction of its new Milan headquarters.

Moncler brand: Asia and the Americas carry the year

The Moncler brand generated €2.72 billion in full-year revenues, a 3 percent cFX gain. The headline number masks a pronounced geographic split. Asia – encompassing the Asia-Pacific region, Japan and Korea – grew 7 percent cFX to €1.42 billion, accounting for 52 percent of brand revenues. China and Korea were standout performers within the region in both full-year and fourth-quarter readings.

The Americas advanced 5 percent cFX to €391.1 million, powered by resilient local consumer spending and a recovering wholesale channel. EMEA, by contrast, contracted 3 percent cFX to €913.8 million, with the brand’s direct-to-consumer (DTC) stores – which include owned boutiques, e-concessions and the direct online channel – still absorbing the effects of reduced tourist volumes across European cities.

The Q4 picture was more encouraging. Moncler brand revenues rose 6 percent cFX to €1.17 billion for the quarter, with the DTC channel recording its strongest quarterly gain of the year at 7 percent. Asia jumped 11 percent cFX in the period, an acceleration versus Q3, while the Americas were up 9 percent. Even EMEA narrowed its decline to 3 percent cFX. Comparable store sales growth (CSSG) – which measures performance of outlets open for at least 52 weeks and excludes relocated stores – was negative 1 percent for the full year, reflecting the uneven traffic environment, but the improving trend into year-end points toward a more balanced base for 2026.

The DTC channel closed 2025 at €2.36 billion (up 4 percent cFX), accounting for 87 percent of Moncler brand revenues. Wholesale – which the group is actively rationalising – declined 4 percent cFX for the full year to €361.3 million, though it returned to growth in Q4 at plus 2 percent. The Moncler mono-brand network comprised 295 directly operated stores at year-end – a net gain of nine units over 2024 – alongside 49 mono-brand wholesale doors, down from 56 the prior year.

Moncler brand highlights: Warmer Together, Grenoble and the Olympics

The year’s flagship campaign was Warmer Together, which paired actors Al Pacino and Robert De Niro in their first joint brand endorsement. The campaign generated 3.1 billion impressions and more than 1,400 press articles, centred on the Maya 70 silhouette. A parallel music activation featured brand ambassador Tobe Nwigwe in a reimagined version of Bill Withers’ “Lean on Me”, unveiled at a live event at New York’s Rockefeller Center in partnership with Spotify.

The Moncler Grenoble line delivered its strongest seasonal performance to date, backed by a Fall/Winter 2025 campaign photographed by Mario Sorrenti and featuring World Cup alpine skier Lucas Pinheiro Braathen, snowboarder Chloe Kim and actor Vincent Cassel. The campaign reached 1.75 billion people and generated more than 1,300 press articles.

Moncler Grenoble also marked Moncler´s return to the Winter Olympics — the first since 1968 — by sponsoring Brazil’s ceremonial delegation and alpine ski team at the Milano Cortina 2026 Games. Product collaborations included a limited Moon Boot capsule and a snowboard developed with Shaun White’s brand Whitespace.

Stone Island: smaller scale, faster growth

Stone Island, the group’s second brand, posted full-year 2025 revenues of €411.2 million, up 4 percent cFX. The Q4 trajectory stood out: revenues climbed 16 percent cFX to €123.1 million, with every geography growing at double-digit rates—Asia up 22 percent, the Americas up 26 percent, and EMEA up 12 percent.

For the full year, EMEA remained the brand’s dominant region, accounting for 65 percent of revenues (€268.7 million), though it was essentially flat at constant exchange rates. Asia grew 16 percent cFX to €116.3 million, led by China and Japan. The Americas slipped 2 percent cFX to €26.2 million for the year, but Q4 reversed that trend sharply. 

DTC revenues rose 11 percent cFX to €226.4 million across 2025, representing 55 percent of total brand revenues – evidence of the group’s strategic pivot toward direct consumer engagement. The wholesale channel contracted 4 percent cFX to €184.8 million for the year, though it rebounded sharply in Q4 (up 17 percent cFX), partly due to unusual timing in order deliveries between Q3 and Q4.

Stone Island brand highlights: denim research, music, football and Porter

Stone Island’s Q4 product and creative calendar was particularly dense. The brand launched Stone Island Denim Research, a capsule applying the brand’s signature material experimentation – including Polypropylene Denim and Micro Corduroy – to a traditionally mainstream category. On the cultural side, Stone Island Sound collaborated with UK rapper Dave on the vinyl release of The Boy Who Played the Harp.

A seventh collaboration with Japanese accessories label PORTER marked the latter’s 90th anniversary with a limited six-piece capsule that extended for the first time into apparel, anchored by Stone Island’s signature corrosion treatment. In football, the brand launched a new iteration of the New Balance Furon v8 boot and a re-engineered match kit, announced alongside Arsenal footballer Bukayo Saka and Dave in London.

Rongone takes helm as Moncler splits creative and operational leadership

The results were announced alongside a significant governance transition. On 20 January 2026, the group confirmed that Rongone – formerly Chief Executive of Moncler’s standalone brand operations – would assume the newly created Group Chief Executive role from April 1, 2026.

Chairman Remo Ruffini will remain Executive Chairman, retaining responsibility for creative direction and overall strategic governance. The move formalizes a structure that separates operational management from creative and strategic oversight. Separately, Chief Business and Global Market Officer Roberto Eggs will step down from his executive role on March 1, remaining as a non-executive Board member.

Moncler Group sustainability drive exceeds 2025 targets

On sustainability, Moncler Group exceeded most targets in its 2020–2025 plan: more than 55 per cent of yarns and fabrics now come from lower-impact sources (against a 43 per cent target), over 60 per cent of nylon is recycled, and more than 55 per cent of cotton is organic or recycled.

The group has maintained carbon neutrality across all directly operated sites and cut Scope 1 and 2 CO₂e emissions by 46 per cent versus 2021. A new three-year plan, SIDE by SIDE, will run from 2026 to 2028, focusing on decarbonisation, supply-chain social standards and circular design. For the seventh consecutive year, Moncler Group scored 90 out of 100 in the S&P Global Corporate Sustainability Assessment for textiles, apparel and luxury goods.

Ruffini: confidence in strategy, eyes on 2026

In his statement accompanying the results, Ruffini struck a tone of measured confidence. “2025 was a year that reminded me what matters most: clarity of strategic direction, quality of execution, and the ability to stay grounded and flexible in a continuously volatile context,” he said. “We move into 2026 with a well-established platform and a strong determination to continue shaping our future.”