Editor’s Note
Moncler Group has reported modest revenue growth for Q1 2025, with its core Moncler brand continuing to drive the majority of sales. This brief provides the key figures on a constant-currency basis.
Moncler Group, the parent company of the Moncler and Stone Island luxury sportswear brands, reported consolidated revenues of €829.0 million in the first quarter of 2025, representing a 1 percent increase on a constant-currency basis compared to the first quarter of 2024. This figure comprises Moncler brand revenues of €721.8 million and Stone Island brand revenues of €107.3 million. All percentages are reported on a constant-currency basis.
In the first quarter, Moncler brand revenues reached €721.8 million, a 2 percent increase compared to Q1 2024. This growth was primarily driven by a 4 percent rise in the Direct-to-Consumer (DTC) channel, despite an “exceptionally high” comparable base from the previous year.
In Asia (including APAC, Japan, and Korea), revenues were €380.8 million, up 6 percent year-over-year. The Chinese mainland continued to show positive growth despite a challenging comparable base and the ongoing trend of Chinese consumption shifting abroad. Growth in Japan accelerated sequentially, largely fueled by tourist spending, while Korea exhibited softer trends compared to the previous quarter.
EMEA recorded revenues of €244.3 million, a 1 percent decrease compared to Q1 2024, negatively impacted by wholesale performance. The DTC channel remained stable versus a very strong Q1 2024, with both local and tourist consumption positive during the quarter. However, DTC performance continued to be hampered by weak trends in the direct online channel.
Revenues in the Americas declined 2 percent to €96.7 million, mainly due to negative trends in the wholesale channel, while DTC performance held steady year-on-year.
The DTC channel generated revenues of €630.5 million, a 4 percent increase compared to Q1 2024, despite ongoing market volatility and the exceptionally high comparable base from the previous year. The physical retail channel continued to outperform the online channel, which showed weak trends during the quarter, particularly in EMEA, albeit with sequential improvement.
The Wholesale channel recorded revenues of €91.3 million, a 5 percent decline, primarily due to ongoing efforts to enhance distribution quality through further network optimization.
As of March 31, 2025, the Moncler mono-brand boutique network comprised 284 directly operated stores (DOS), a net decrease of 2 units since December 31, 2024. This included the opening of the Shanghai Grand Gateway store and the closures of Shanghai The Reel, San Francisco Bloomingdale’s, and Seoul Incheon Airport locations. The brand also operated 55 wholesale shop-in-shops (SiS), a net decrease of 1 unit.
Stone Island brand revenues were €107.3 million in the first quarter, a decrease of 5 percent compared to Q1 2024. Continued solid double-digit growth in the DTC channel partially offset the decline in the Wholesale channel during its largest quarter of the year.
In Asia, revenues reached €31.2 million, growing 15 percent year-over-year, driven by strong performances in Japan and the Chinese mainland. Korea showed sequential improvement, although it underperformed the rest of the region.
EMEA recorded revenues of €69.4 million, an 11 percent decrease compared to Q1 2024. The positive performance of the DTC channel was more than offset by the decline in the Wholesale channel. France and the UK outperformed the rest of the EMEA region.
Revenues in the Americas declined 18 percent, primarily due to a double-digit negative performance in the Wholesale channel. In contrast, the DTC channel recorded positive growth, showing sequential improvement.
The DTC channel grew by 12 percent to €55.3 million, driven by positive growth across all regions, with Asia leading the performance. The physical channel continued to outperform the online channel in all regions.
The Wholesale channel recorded revenues of €52.0 million, down 19 percent compared to Q1 2024. Performance in this channel, during its largest quarter, was impacted by a shift in the timing of deliveries from Q1 to Q2 and continued efforts to improve the quality of the distribution network.
As of March 31, 2025, the Stone Island mono-brand store network comprised 90 directly operated stores (DOS), unchanged from December 31, 2024. A notable development during the quarter was the relocation of the flagship store in Paris. The brand also operated 11 mono-brand wholesale stores, a net increase of 2 units.
Image courtesy Moncler Group