MONCLER / Revenues of €829 Million in Q1 (+1%). Ruffini: “Operational Flexibility and Financial Discipline”

The first quarter of 2025 closed positively for the Moncler Group, which reported consolidated revenues of €829 million, marking a 1% increase at both constant and current exchange rates compared to €818 million in the same period of the previous year. The result was driven by the solid performance of the Direct-to-Consumer (DTC) channel, which recorded a 4% year-over-year growth. The Moncler brand generated revenues of €721.8 million, up 2% from the first quarter of 2024. Growth was supported by strong Asian performance (+6% at constant exchange rates), driven by demand in China and Japan. The EMEA region recorded a 1% decline, while the Americas remained stable. In terms of distribution, the DTC channel accounted for 87.4% of Moncler’s revenues, thanks to sales through directly operated stores and online. In comparison, the wholesale channel saw a 5% decline, reflecting the Group’s more selective distribution network strategy. On the other hand, Stone Island ended the quarter with revenues of €107.3 million, down 5% compared to 2024. A double-digit increase in the DTC channel (+12%) was not enough to offset the 19% drop in wholesale, impacted by different delivery scheduling and the ongoing restructuring of the distribution network. Asia was also the most dynamic region for Stone Island, showing a 15% increase year-over-year. The Board of Directors confirmed Remo Ruffini as Chairman and CEO of the company, also appointed Marco De Benedetti as Vice Chairman and defined the new composition of the main internal committees. Among the independent directors, former tennis champion Maria Sharapova was also confirmed. Moncler reaffirms its long-term commitment in a still-unstable macroeconomic environment, focusing on a “brand-first” strategy and a balance between creativity, innovation, and financial discipline. The Moncler Grenoble experience in Courchevel was cited as an example of community engagement and brand positioning beyond fashion. “The beginning of the year,” commented Ruffini, “was marked by continued macroeconomic and geopolitical complexities, which we continue to face with strong operational discipline and a clear focus on our brand-first strategy. Despite an exceptionally high comparison base, this approach allowed us to achieve solid DTC growth for both brands in the first quarter. In a growing volatility and unpredictability scenario, we remain even more focused on executing our long-term vision for Moncler and Stone Island. The recent Moncler Grenoble brand experience in Courchevel was an emblematic expression of this: an event that took the brand to new heights in terms of product and community engagement. The year has just begun, and although the macroeconomic landscape remains highly unstable, our commitment to combining creativity and innovation with operational flexibility and financial discipline will continue to define our path forward.”