The slowdown in sales in Europe and the decline in tourist flows have impacted Moncler’s performance, with the market reacting by penalizing the stock on the stock exchange. The quarterly results show sustained growth in Asia and a positive contribution from Stone Island, but also highlight the group’s dependence on international tourism and the seasonality of the business.
THE STOCK MARKET REACTION
After the publication of the second-quarter results, Moncler shares fell by over 7%, reaching 47.70 euros in morning trading in Milan. The market focused mainly on the slowdown in revenue growth and the weakness of sales in Europe, a region penalized by the reduction in tourist purchases, particularly from Asian customers.
The Italian group, owner of the high-end brands Moncler and Stone Island, recorded in the second quarter an organic revenue growth of 5% at constant exchange rates, slowing down compared to 12% in the first quarter.
Furthermore, according to Bernstein analysts reported by the Wall Street Journal, difficulties related to tourist flows could continue to influence the group’s seasonality. “We believe these concerns will likely reinforce Moncler’s seasonal trading pattern this summer,” they stated, indicating that the company might have to wait until autumn for a recovery in demand for its more iconic winter products.
EUROPE DECLINES, ASIA GROWS
In the second quarter, Moncler reported total revenues of 409.3 million euros, slightly above the analysts’ consensus indicated by the company at 405.8 million euros.
The Moncler brand, in particular, generated revenues of 323 million euros, with a 3% growth at constant exchange rates, below some analysts’ expectations. HSBC, writes Business of Fashion, had forecast an organic increase of 3.4%, while Bernstein indicated a sales consensus of 5.1%.
The main weakness, notes the WSJ, came from Europe, where sales decreased by 8% compared to the same period last year. Moncler attributed the decline mainly to the slowdown in tourist flows, particularly from Asia, in a context also affected by the consequences of the Middle East conflict, which impacted global air connections between Asia and Europe.
Conversely, highlights Reuters, the Moncler brand recorded 12% growth in Asia, supported mainly by China and South Korea, and 4% in the Americas, where the group is still expanding its presence.
STONE ISLAND SUPPORTS GROUP GROWTH
Compensating for the more contained growth of the Moncler brand was Stone Island, which recorded an 11% sales increase, reaching 86 million euros, thanks to demand in the United States and Asia.
The group meanwhile continues its path to reduce dependence on winter products that have built its international reputation. Moncler indeed has one of the most marked seasonality profiles in the luxury sector: last year the second quarter accounted for only 13% of global revenues, compared to 41% in the fourth quarter, a period when consumers in the northern hemisphere mainly purchase winter outerwear.
THE NEW CEO’S STRATEGY
The new CEO Leo Rongone, former Bottega Veneta executive, has indicated as priorities strengthening markets with greater growth potential and transforming Moncler into an “all-season” brand, with products usable throughout the year. In particular, innovation in materials will be central to the strategy to expand the offering beyond the traditional outerwear linked to the brand’s Alpine heritage.
In any case, Reuters recalls that in the first half of the year Moncler recorded an operating profit of 245.4 million euros, up from 224.8 million euros in the same period in 2025, with a growth of 9.2%.
According to Citi analysts, the quarterly results have limited weight compared to the group’s seasonality. “These results have limited importance if the Moncler brand shows its usual winter strength in the fourth quarter – wrote Thomas Chauvet and Alberto Cecchetto -. Don’t judge winter in June.”
