MILAN — Both the Moncler and Stone Island brands reported growth in the first nine months of the year, despite a subdued tourist flow in Europe and unseasonably warm weather in the third quarter.
In the nine months ended Sept. 30, Moncler Group revenues rose 3 percent to 1.89 billion euros compared with 1.84 billion euros in the same period last year. At constant exchange rates, sales were up 6 percent.
“In the third quarter, our industry continued to navigate an extremely complex environment. In times like these, it is important to remain rigorous, grounded and, above all, focused on our brand strategy, guided by our long-term vision,” said Remo Ruffini, executive chairman of the group.
“The recent opening of our Fifth Avenue flagship store, the strongest expression of the Moncler universe and our ongoing global campaign ‘Pioneers in Moncler,’ deeply rooted in our core DNA, are a clear testament to this commitment.”
He also cited the opening of the new Stone Island flagship in Rome and with campaigns “that connect with the worlds of music, sports and art, we continue to nurture the brand, pursuing a healthy growth path.”
Ruffini concluded that “knowing who we are and where we come from is what allows us to look ahead with clarity and intention. We will keep moving forward with purpose and discipline, shaping the future of our brands with the same passion and ambition that brought us here.”
By brand, Moncler revenues were up 2 percent to 1.58 billion euros compared with 1.55 billion euros. At constant exchange rates, they rose 6 percent.
In the third quarter, revenues for the brand amounted to 499.6 million euros, down 1 percent at constant exchange rates. This performance was impacted by a slowdown in the direct-to-consumer channel, down 2 percent at constant exchange rates due to a challenging environment and slower tourism, particularly in the Europe, Middle East and Africa. Asia-Pacific, Japan and Korea all delivered positive growth in the quarter.
In the first nine months of 2026, the DTC channel recorded revenues of 1.29 billion euros, up 3 percent.
The wholesale channel’s revenues tallied 298.5 million euros, flat on the nine months last year, but up 3 percent at constant exchange. In the third quarter, revenues in this channel were up 2 percent at constant exchange, despite the streamlining and upgrading of this distribution.
As of Sept. 30, the network of Moncler monobrand boutiques included 305 directly operated stores, a net increase of seven units compared with the end of June. During a call with analysts at the end of trading on Wednesday, Luciano Santel, group chief corporate and supply officer, underscored the importance of the opening of Moncler’s largest flagship in the world on Fifth Avenue, the addition of the Las Vegas Crystals store and the expansion of the Champs-Élysées store in Paris. The Moncler brand also operates 43 monobrand wholesale stores.
Stone Island
Stone Island revenues were up 6 percent to 306.2 million euros compared with 288.1 million euros last year. At constant exchange rates, they rose 8 percent.
Third-quarter revenues were up 5 percent at constant exchange rates compared with the same period last year.
In the first nine months of 2026, Stone Island’s DTC channel grew by 7 percent to 155.9 million euros. In the third quarter, revenues in this channel remained on a positive growth trajectory, up 2 percent at constant exchange, despite slower traffic and the impact of lower markdown activity in the EMEA region. Asia and the Americas continued to outperform, with both regions growing at a double-digit pace.
Full-price sales continued to grow at a double-digit pace.
The wholesale channel recorded revenues of 150.3 million euros, up 5 percent in the third quarter and up 7 percent at constant exchange, supported by positive underlying growth, but also by a different timing of deliveries in the third quarter versus the fourth quarter, while the group continued its efforts to improve the quality of the distribution network.
As of Sept. 30, the network of Stone Island monobrand stores comprised 94 directly operated stores, a net decrease of one unit compared with the end of June. Santel said that “a new and bigger” store will open in the last quarter in Milan in Corso Matteotti. The Stone Island brand also operates 11 monobrand wholesale stores.
Geographic Performance by Brand
In the first nine months of 2026, Moncler revenues in Asia (which includes APAC, Japan and Korea) totaled 822.7 million euros, up 9 percent. In the third quarter, revenues in the region were up 5 percent at constant exchange rates with all countries delivering positive growth in the quarter.
Moncler “is very strong in China,” said Santel, despite “soft traffic” in the third quarter and at the beginning of the fourth quarter. He highlighted that Golden Week “did very well, better than last year when it was better than the year before, and so again in China every time there is some kind of important event like this or Chinese New Year that generates traffic, we see customers coming to visit our stores and buying our products, showing that the brand is strong in China. Overall, we are confident about China.”
The Europe, Middle East and Africa region recorded revenues of 546.7 million euros, down 6 percent. In the third quarter, revenues in the region were off 8 percent at constant exchange rates, due to softer local demand and continued subdued tourist flows, particularly from Asia.
“July and August were hot and September, the temperatures were quite higher than last year, impacting business across the board,” in Europe, said Santel.
However, he said that, due to the high temperatures, business with the spring season was “better than the full winter season because, of course, people when the weather is not yet quite cold, they tend to buy more lighter product than the full winter product and this implied on one side a decrease in the price mix, but on the other side we have an increase in price mix of the full winter season. So again, also in short, pricing was positive, but not as much as we expect the full winter to be positive.”
This is leading the company to increase the amount of product for that season in stores, and have more stores carrying the spring season. “It’s a long journey but we want to have the right product to meet the demand in all the months without changing the winter and mountaineering DNA of the brand, but we believe there is space to become relevant in other seasons, too,” asserted Santel.
Revenues in the Americas were flat at 219.8 million euros but increased by 5 percent at constant exchange rates. In the third quarter, revenues in the region were up 2 percent organically, slightly decelerating sequentially, mainly due to slower traffic during the summer period.
Stone Island in Asia recorded nine-month revenues of 86.4 million euros, up 16 percent and in the third quarter, the region grew by 19 percent at constant exchange rates with all main countries delivering continued strong double-digit growth.
EMEA recorded revenues of 198.3 million euros, up 1 percent, and in the third quarter revenues were flat, reflecting a sequential slowdown in traffic in the DTC channel, also due to the decision to reduce markdown activity.
Revenues in the Americas were up 22 percent to 21.5 million euros. In the third quarter, the top line was up 13 percent at constant exchange rates, driven by continued strong double-digit growth in the DTC channel.