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Moncler (MONC) investor relations material
Moncler H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
H1 2025 revenues reached €1.226 billion, up 1% at constant FX, with Moncler at €1.039 billion (+1%) and Stone Island at €186.7 million (–1%).
EBIT was €224.8 million (18.3% margin), down from €258.7 million (21.0%) in H1 2024, mainly due to higher marketing expenses and macroeconomic headwinds.
Net result for H1 2025 was €153.5 million (12.5% margin), compared to €180.7 million (14.7%) in H1 2024.
Net cash position stood at €980.8 million as of June 30, 2025, after €345 million in dividend payments.
Management emphasized agility, brand strength, and disciplined execution amid global uncertainty.
Financial highlights
Gross margin improved to 76.9% in H1 2025, up from 76.7% in H1 2024, driven by a higher DTC channel mix.
Operating margin for H1 was 18.3%, down from 21% last year, impacted by higher marketing spend and absence of last year's insurance refund.
Net capex rose to €82.0 million (6.7% of revenues), mainly for distribution and infrastructure investments.
Net working capital increased to €283.7 million (9.1% of revenues), up from 8.5% a year earlier.
Free cash flow was €15 million lower than last year due to €70 million in taxes paid in June instead of July.
Outlook and guidance
Gross margin expected to grow moderately for the year, driven by DTC channel mix, though at a slower pace due to high DTC penetration.
CapEx expected to reach 7% of sales for the year, normalizing to 6% in 2026.
Store opening plan for 2025 remains unchanged; flexibility for 2026 depending on market conditions.
Profitability target of 29–30% EBIT margin remains an ambition, but continued negative comps would impact margins.
No significant price increases planned for H2 2025 or H1 2026; pricing strategy for FW26 under evaluation.
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Frequently asked questions
Luxury clothing since 1952
You have most certainly seen someone wear the iconic Moncler down jacket or any of their vests, accessories, and polo shirts. Moncler has its name and origins in a mountain village near Grenoble - Monestier-de-Clermont, where René Ramillon and André Vincent founded the company in 1952. Their renowned down jackets and garments were originally used to protect workers and expeditioners against the harshest climates.
In 2003, the almost-bankrupt Moncler was acquired by the Italian entrepreneur Remo Ruffini, who had worked as a creative consultant in its then-parent company since the turn of the millennium. Ruffini set out to transform the company and launched a strategy of globally expanding the jackets and garments originally known as ideal for tough expeditions into the luxury industry. This is in line with the shift the company made into the city in 1980, becoming the iconic garment of the new generation. And the brand continues to be built on heritage, uniqueness, quality, and innovation.
Equipping the Italian K2 expedition
Fun fact: In 1954, Moncler equipped the Italian expedition of K2 - the world’s second-highest mountain. A showcase of the quality and prestigious history of Moncler products. Today Moncler operates roughly 240 retail stores and 70 wholesale stores across the globe. The majority of its revenue stems from Direct To Consumer (DTC) sales, accounting for around 80 percent of the total revenue.
Their collections are divided into three parallel dimensions:
Moncler
Moncler Grenoble
Moncler Genius
Moncler are innovating and creating products for the sporty and Aprés-Ski customers, as well as bringing together different interpretations of the brand under the same roof. Since 2020, the very popular Stone Island brand is also a part of Moncler.
Moncler has increased its revenue from €580 million to €2.3 billion in the last ten years, with gross margins and ROIC averaging over 75 percent and 27 percent, respectively, during the same period.
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