Moncler Reports Modest H1 Revenue Growth Amid Sluggish Tourism and Weaker Consumer Demand
Moncler recorded a slight increase in revenue for the first half of 2025, navigating a difficult global backdrop defined by slower tourist activity and subdued consumer spending in critical markets.
For the six months ending June 30, group revenue reached €1.23 billion, marking a 1% rise at constant exchange rates (cFX). Sales from the flagship Moncler brand also grew 1% cFX, totaling €1.04 billion.
In contrast, Stone Island saw revenue dip 1% cFX to €186.7 million, though it delivered a 6% gain in Q2, offering a silver lining for the label.
Moncler’s own second-quarter sales slipped 2% cFX, dragged down by weaker performance in its Direct-to-Consumer (DTC) business—especially across EMEA and Japan.
However, the Americas market performed better, with revenues up 5% cFX, bolstered by stronger DTC activity.
On the profitability front, EBIT fell to €224.8 million from €258.7 million, with the EBIT margin narrowing to 18.3% from 21%, largely due to timing shifts in marketing expenditures.
Net income dropped to €153.5 million, compared to €180.7 million a year earlier.
“The first half of the year reminded us once again how unpredictable and complex the world can be,” said CEO Remo Ruffini, emphasizing the company’s commitment to resilience and consistency amid ongoing global uncertainty.
At the end of June, Moncler reported €980.8 million in net cash, even after paying €345 million in dividends. Capital expenditures rose to €82 million, reflecting increased investment in infrastructure and store expansion.
Looking ahead, the company said it remains focused on agility and brand investment going into the second half of 2025, which it expects will continue to be shaped by heightened geopolitical and economic volatility.
