Moncler Group Reports 9% Revenue Growth in First Half of 2026, Lifts Profitability Despite Weak European Tourism

Moncler Group posted first-half revenues of €1.29 billion, up 9% at constant exchange rates, as double-digit growth in Asia and continued momentum at Stone Island offset a soft European market weighed down by declining tourist spending.

The Italian luxury group's board approved its half-year financial report on Tuesday, showing group-wide sales climbing 5% at current exchange rates from €1,225.7 million a year earlier to €1,289.9 million. Profitability improved alongside the top line: earnings before interest and taxes rose to €245.4 million, a margin of 19.0%, up from 18.3% in the same period last year. Net profit reached €164.7 million, a 12.8% margin, compared with €153.5 million a year earlier.

Two brands, diverging regional stories

The flagship Moncler brand generated €1,089.6 million in revenue, up 9% at constant currency, while Stone Island — the streetwear-inflected label Moncler acquired in 2021 — grew faster still, up 11% to €200.3 million.

Asia was the standout region for both brands. Moncler's sales there jumped 19% at constant exchange rates to €592.9 million, with China and Korea leading the way, while Stone Island's Asian revenue surged 25% to €60.4 million. The Americas also strengthened, rising 6% for Moncler and a striking 35% for Stone Island, the latter accelerating to 49% growth in the second quarter alone.

EMEA told a different story. Moncler's revenue in the region fell 4% at constant currency to €349.7 million, a decline the company attributed largely to weaker tourist flows — particularly from Asian visitors — and soft online sales. Stone Island fared better in the same region, eking out 3% growth.

Within Moncler's business, direct-to-consumer sales — its own stores and e-commerce — rose 10% to €933.2 million, with comparable store sales up 7%. Wholesale grew a more modest 3% to €156.4 million as the company continued trimming third-party distribution points. Stone Island's direct channel jumped 16% to €109.2 million, while its wholesale business grew 5%.

Leadership transition takes hold

The results mark the first half-year under Moncler's new management structure. Bartolomeo "Leo" Rongone joined as Group Chief Executive Officer on April 1, a move first announced in January, while longtime leader Remo Ruffini shifted into the role of Executive Chairman, retaining oversight of the group's creative direction. Roberto Eggs, previously Chief Business & Global Market Officer, stepped down from that executive post in March but remains on the board as a non-executive director.

"In a global landscape defined by rapid and disruptive change, what makes our Group resilient is not only how quickly we react, but how true we stay to who we are and how close we remain to the communities we speak to," Ruffini said in a statement accompanying the results, adding that the company delivered "solid growth and profitability across both our brands" while staying focused on product and creativity.

In a further governance shake-up disclosed alongside the earnings, the board on Wednesday accepted the resignations of two non-executive directors: Alexandre Arnault, who cited professional commitments, and Geoffroy van Raemdonck, who is continuing as CEO of Exemplar Luxury Group (formerly Saks Global). The board immediately named Sidney Toledano — the former longtime chairman and CEO of Christian Dior Couture and ex-head of the LVMH Fashion Group — to fill Arnault's seat. A replacement for van Raemdonck's independent director post has not yet been named.

Balance sheet stays strong despite dividend payout

Moncler ended June with a net cash position of €1,112.4 million, down from €1,458.0 million at the end of 2025, largely reflecting a €374.1 million dividend payment approved by shareholders in April — a payout of €1.40 per share, up from €1.30 the prior year. Free cash flow nearly doubled to €34.0 million from €15.0 million, driven by the stronger operating performance. Capital expenditure rose to €89.2 million, or 6.9% of revenue, as the group continued investing in its store network and infrastructure.

Outlook: caution mixed with confidence

Looking to the second half, management struck a cautious tone on the broader economic backdrop while signaling confidence in its strategy. The company said it expects marketing spend to settle at around 7% of revenue for the full year and capital expenditure at roughly 6%, in line with prior guidance.

Executives pointed to plans to deepen Moncler's three brand pillars — Grenoble, Collection, and Genius — through year-round marketing, while Stone Island continues to broaden its product categories and expand distribution, building on momentum from 2025.

"The operating environment remains complex and hard to predict," Ruffini said. "These are moments that test our ability to be sharper and bolder, while remaining disciplined and grounded."