MILAN – Moncler Group‘s revenues in the first half of 2025 remained in line with the same period last year, but profitability was dented in the period.

In the first six months ended June 30, sales were flat, reaching 1.23 billion euros, but at constant exchange rates they rose 1 percent, in line with consensus.

“The first half of the year reminded us once again how unpredictable and complex the world can be, and how companies must remain vigilant and agile while continuing to nurture their brands,” stated Remo Ruffini, chairman and chief executive officer of the group. “These are moments that require full focus on the execution of our strategy, with strong discipline, rigor, as well as flexibility. These are also times when we have to continue strengthening our brands through distinctive creativity, the relentless pursuit of product excellence, and by sharing energy with our communities. Amid ongoing macroeconomic uncertainty, our group will continue to operate with consistency and resilience — guided by a clear vision, deep awareness of the present, and the ambition to turn external challenges into future opportunities.”

Group operating profit fell 13 percent to 224.8 million euros from 258.7 million euros in the same period of 2024, with a margin of 18.3 percent compared with 21 percent, mainly due to a different phasing of marketing expenses in the first half versus the second half compared with the previous year.

Net profit amounted to 153.5 million euros, down 15 percent compared with 180.7 million euros in the first half of 2024.

During a conference call with analysts at the end of trading on Wednesday, Roberto Eggs, chief business strategy and global market officer, highlighted a slowdown in tourism, especially from Chinese, Americans and Koreans in Europe, who represent around half of sales in the Continent, affecting the performance. He touted a “positive U.S. cluster and local consumption” there, but said this was “much less” strong in Europe. Likewise, the Chinese cluster in China was positive or flattish. Local spending in Europe was also flattish, he said. The group reported that “in Korea there has been a return to some tourism from China, with a small recovery,” but that Japan was registering a negative performance, mainly due to currency effects.

He said that the second and third quarters are the most exposed to tourism for the group and that the “situation is quite volatile, from day to day and week to week.” Both Eggs and Luciano Santel, group chief corporate and supply officer, highlighted the limited visibility ahead given the uncertain macroeconomic and geopolitical factors.

By brand, Moncler sales in the first half were flat at 1.04 billion euros. Stone Island revenues inched down 1 percent to 186.7 million euros, compared with 188.9 million euros in the same period of 2024.

In the second quarter, group revenues were down 1 percent at constant exchange rates to 396.6 million euros, compared with the same period of 2024.

In the second quarter, Moncler revenues amounted to 317.2 million euros, down 2 percent at constant exchange rates, mainly due to a sequential slowdown in the DTC channel, reflecting challenging macroeconomic conditions globally.

In the second quarter, Stone Island revenues amounted to 79.4 million euros, up 6 percent at constant exchange rates, with the DTC channel maintaining solid growth and the wholesale channel improving sequentially.

In the first half of 2025, Moncler revenues in Asia (which includes Asia-Pacific, Japan and Korea) amounted to 525.7 million euros, rising 2 percent compared with the same period of 2024.  At constant exchange, they were up 4 percent. In the second quarter, revenues in the region were flat at constant exchange rates. The deceleration compared to the first quarter of the year was mostly due to softer tourist flows in Japan, which faced a high comparable base. Korea slightly improved sequentially, supported by stronger tourism spending, while China and the rest of Asia held up versus the previous quarter.

The Europe, Middle East and Africa region saw a 4 percent decrease to 365.4 million euros. In the second quarter, revenues in the region were down 8 percent at constant exchange rates,  mainly due to a slowdown in tourist flows across the region.

Revenues in the Americas were flat at 147.9 million euros. In the second quarter, revenues in the region were up 5 percent at constant exchange rates, accelerating compared with the previous quarter mainly thanks to the sequential improvement registered in the DTC channel.

Gino Fisanotti, Moncler’s chief brand officer, highlighted “U.S.-oriented initiatives” in the period, ranging from the brand’s first participation at the Met Gala in May, to the Moncler Genius collection with Mercedes-Benz by Nigo and the first collection of apparel collaborating with Donald Glover’s Gilga Farm unveiled in June, among others. Fisanotti was repeatedly asked about future projects for Moncler Genius and Moncler Grenoble, which is “the fastest growing,” but analysts were urged “to be patient” as announcements are imminent and he underscored that “there will be an evolution for Genius.”

In the first half of 2025, Moncler’s DTC channel recorded revenues of  883.2 million euros, up 1 percent, slowing in the second quarter due to the challenging global macroeconomic environment affecting consumer confidence and a deceleration in tourist flows, particularly affecting EMEA and Japan, while revenues in the Americas accelerated sequentially.

The wholesale channel recorded a 6 percent decline in revenues to 155.8 million euros.

As of June 30, there were 287 Moncler directly operated monobrand boutiques, a net increase of three units compared with the end of March. Eggs highlighted the opening of the Sydney Westfield store in Australia, the conversion of the Chongqing airport store in China and of the King of Prussia store in Philadelphia, as well as the relocation of the store in South Coast Plaza in Costa Mesa, Calif. The Moncler brand also operated 54 wholesale shops-in-shop, a net decrease of one unit.

A flagship in New York is expected to open in the first quarter of 2026.

In the first six months of 2025, Stone Island sales in Asia rose 12 percent to 52.3 million euros, mainly driven by the continued solid performance of China and Japan.

EMEA was down 4 percent to 123.3 million euros  but in the second quarter revenues were up 5 percent at constant exchange rates thanks to the sequential improvement of the wholesale channel in its largest region.

Revenues in the Americas were down 17 percent to 11 million euros, slightly recovering in the second quarter. The performance in the U.S. was mainly driven by the DTC channel, said Eggs. “I cannot say that this was due to some anticipation of the tariffs,” he added.

“We are happy with Stone Island’s momentum and its repositioning and the campaigns are starting to pay off.  We will continue the elevation of the current stores,”  said Eggs.

In the first six months, the Stone Island DTC channel grew by 7 percent to 99.1 million euros, decelerating in the second quarter amid a generally more challenging global operating environment. Asia outperformed the other regions.

The wholesale channel recorded revenues of 87.6 million, down 9 percent, improving in  the second quarter, also due to a different timing of deliveries.

As of June 30, there were 91 directly operated Stone Island monobrand stores, a net increase of one unit compared with March 31. Relevant activities included the opening of the store in Hangzhou Euro Street in China and the relocation of the Hankyu Men store in Osaka. The Stone Island brand also operated 11 monobrand wholesale stores.

In the first half of 2025,  capital expenditures amounted to 82 million euros, or 6.7 percent of revenues, compared with 56.1 million euros in the first half of last year, due to higher investments in the distribution network and in infrastructure projects, including the new corporate headquarters, said Santel.

Investments in the distribution network amounted to 50.7 million euros, while investments related to infrastructure totaled 31.3 million euros. Santel said he expects an incidence of capital expenditure on revenues in the region of 7 percent at yearend, slightly above the previous year.

Both Eggs and Santel said prices had been modestly increased to protect margins and that they would be raised “not in a material way to offset additional tariffs,” said the latter. They added it was still early to decide on the second half of 2026.

The group’s net financial position amounted to 980.8 million euros in net cash, compared with 845.8 million euros at the end of June last year, after a dividend payment of 345 million euros.