Moncler brand revenues reached €721.8 million, up 2 per cent YoY in Q1 2025. The direct-to-consumer (DTC) channel of the brand recorded revenue of €630.5 million, up 4 per cent, despite ongoing market volatility and the exceptionally high comparable base in Q1 2024, which had recorded strong double-digit growth across all regions.
Moncler Group posted revenues of €829 million (~$884.3 million) in Q1 2025, up 1 per cent YoY at constant exchange rates.
The Moncler brand rose 2 per cent, driven by a 4 per cent DTC increase, while Stone Island fell 5 per cent despite 12 per cent DTC growth.
Asia led regional gains, while EMEA and Americas declined.
Remo Ruffini was named chairman as part of the newly appointed board of directors.
The physical channel continued to outperform the online channel, whose trends remained weak in the quarter, particularly in Europe, Middle East, and Africa (EMEA). The wholesale channel recorded revenues of €91.3 million in Q1 2025, a decline of 5 per cent, mainly due to the ongoing efforts to upgrade the quality of the distribution through further network optimisation, Moncler Group said in a press release.
Region-wise, Moncler revenues in Asia (which includes Asia-Pacific (APAC), Japan and Korea) were €380.8 million, up 6 per cent YoY. The Chinese mainland continued to register growth, despite a very demanding comparable base and the ongoing shift of Chinese consumption abroad.
Growth in Japan accelerated sequentially, mainly driven by tourist spending, while Korea showed softer trends compared to the previous quarter. EMEA recorded revenues of €244.3 million, a decrease of 1 per cent, impacted by the negative performance of wholesale.
Revenues in the Americas were down 2 per cent YoY to €96.7 million, mainly impacted by the negative trend in the wholesale channel, while the DTC performance held up YoY.
As of March 31, 2025, the network of Moncler mono-brand boutiques counted 284 directly operated stores (DOS), a net decrease of 2 units compared with December 31, 2024. The Moncler brand also operated 55 wholesale shop-in-shops (SiS), a net decrease of 1 unit compared with December 31, 2024.
Meanwhile, another brand, Stone Island, saw revenues decline by 5 per cent YoY to €107.3 million with solid double-digit growth in the DTC channel continuing an increase of 12 per cent, driven by growth in all regions, with Asia outperforming. The wholesale channel went down by 19 per cent YoY.
As of March 31, 2025, the network of Stone Island mono-brand stores comprised 90 DOS, unchanged compared with December 31, 2024. During the quarter, a notable development was the relocation of the flagship store in Paris. The Stone Island brand also operated 11 mono-brand wholesale stores, a net increase of 2 units compared with December 31, 2024.
“The beginning of the year was marked by ongoing macroeconomic and geopolitical complexities, which we continue to navigate with strong operational discipline and sharp focus on our brand-first strategy. This approach enabled us to achieve solid growth in the DTC channel across both brands in the first quarter, despite an exceptionally high comparable base,” said Remo Ruffini, chairman and chief executive officer (CEO) of Moncler Group.
“In times of growing volatility and unpredictability, we remain even more committed to executing our clear long-term vision for both Moncler and Stone Island. The recent Moncler Grenoble brand experience in Courchevel was a perfect expression of this: a unique event that brought the brand to new altitudes, both in terms of product elevation and in strengthening authentic relationships with our communities. The year has just begun, and while the macroeconomic picture remains highly unstable, our commitment to combine creativity and innovation with operational flexibility and financial rigour will continue to define our path ahead,” added Ruffini.
Following the appointment of its new board of directors, Moncler Group has confirmed key leadership roles and committee assignments. Remo Ruffini has been appointed as chairman of the company, with Marco De Benedetti named vice-chairman, added the release.
Fibre2Fashion News Desk (SG)
