Luxury outerwear specialist Moncler posted modest top-line growth in the first half of 2025, navigating a challenging macro environment and adjusting to softening tourist flows in key regions. While revenues remained resilient, margin contraction and lower cash reserves highlight the growing importance of cost discipline and targeted investment.
Revenues up slightly, but Q2 sales down
Moncler Group generated revenues of €1.226 billion in the first half of 2025, reflecting a 1 percent increase at constant exchange rates from H1 2024. However, the second quarter revealed a loss of momentum: Q2 sales fell 2 percent to €396.6 million, pointing to weakening consumer dynamics and lower footfall, particularly in Europe and Japan.
Profitability under pressure despite brand resilience
The Group reported an Ebit of €224.8 million in H1, with an Ebit margin of 18.3 percent, down from 21 percent in the prior-year period. According to Moncler, the decline was due partly to the shift of marketing expenses forward into H1 and to higher operating costs.
Net profit came in at €153.5 million, representing a 12.5 percent net margin, compared to €180.7 million and 14.7 percent in H1 2024.
CEO Remo Ruffini emphasized the importance of long-term positioning despite short-term pressures, stating: ”The first half of the year reminded us how unpredictable and complex the world can be […]. Amid ongoing macroeconomic uncertainty, our Group will continue to operate with consistency and resilience.”
Regional results reflect shifting tourism patterns
Performance varied widely by geography. North America posted a 5 percent increase in Q2 revenues, buoyed by strong direct-to-consumer (DTC) demand. In contrast, EMEA and Japan were affected by subdued tourism, leading to a 1 percent decline in DTC sales in those regions.
In Asia, the Group maintained steady growth, with 4 percent revenue growth at constant exchange rates in H1. Stone Island, Moncler’s second brand, saw a strong 13 percent revenue increase in the region in Q2.
Healthy liquidity despite dividend-related cash decline
Moncler ended the half-year with €980.8 million in net cash (excluding lease liabilities), down from €1.31 billion at year-end 2024. The decrease primarily reflects the payment of a €345 million dividend in the spring.
Capital expenditures totaled €82 million in the period, or 6.7 percent of revenues, supporting continued store expansion and IT infrastructure upgrades.
