Moncler (MONC) Q1 2025 earnings summary

Executive summary

• Q1 2025 group revenues reached €829 million, up 1% at constant FX, driven by solid DTC channel growth for both Moncler and Stone Island despite a volatile macro and geopolitical environment and a high comparable base.

• Moncler brand revenues rose 2% at constant FX to €721.8 million, while Stone Island revenues declined 5% to €107.3 million.

• DTC channel showed robust growth: Moncler DTC up 4% to €630.5 million, Stone Island DTC up 12% to €55.3 million.

• The group maintained a brand-first strategy, focusing on creativity, innovation, operational flexibility, and financial rigor.

Financial highlights

• Group consolidated revenues increased 1% at constant FX to €829 million.

• Moncler DTC revenues reached €630.5 million (+4%), with wholesale down 5% to €91.3 million.

• Stone Island DTC revenues were €55.3 million (+12%), while wholesale dropped 19% to €52 million.

• Wholesale now below 15% of group revenues, DTC nearly 90%.

Outlook and guidance

• Wholesale is expected to remain negative through 2025, ending with a high single-digit decline, similar to 2024.

• Stone Island wholesale to decline less than in 2024, with a more negative H1 than H2.

• Space expansion guidance for year-end remains mid-single digit.

• DTC business planning is more prudent, targeting mid-single digit growth with flexibility to respond to demand.

• Management remains committed to long-term vision, creativity, innovation, and financial discipline amid ongoing macroeconomic instability.