Moncler (MONC) Q1 2026 earnings summary

Executive summary

• Q1 2026 consolidated revenues reached €881 million, up 12% year-over-year at constant FX and 6% at reported/current FX, with both Moncler (+12%) and Stone Island (+11%) delivering double-digit growth.

• DTC channels outperformed, with Moncler DTC up 14% and Stone Island DTC up 17% at constant FX.

• Asia led regional growth for both brands, with Moncler Asia up 22% and Stone Island Asia up 25% at constant FX.

• Strong brand engagement and visibility, especially for Moncler Grenoble, driven by high-profile campaigns, Olympic presence, and new store openings.

• Leadership transition with Leo Rongone joining, reinforcing a focus on brand integrity and strategic vision.

Financial highlights

• Currency headwinds negatively impacted reported growth by 6 percentage points in Q1.

• Moncler brand revenues were €767 million (+12% YoY at constant FX); Stone Island revenues were €114 million (+11% YoY at constant FX).

• Moncler DTC channel: €674.5 million (+14% cFX YoY); Wholesale: €92.1 million (+3% cFX YoY).

• Stone Island DTC: €60.6 million (+17% cFX YoY); Wholesale: €53.5 million (+4% cFX YoY).

• Americas showed solid growth: Moncler up 7%, Stone Island up 24%.

Outlook and guidance

• Wholesale revenues for both brands expected to be close to flat for FY 2026.

• No material changes to CapEx plans due to Middle East events; business exposure in the region remains small.

• Currency impact on full-year top line expected to be between 3% and 4%.

• No significant changes in gross margin expected between Q1 and Q2; any channel mix benefit likely offset by higher selling expenses.

• Management remains focused on brand integrity, agility, and strategic vision amid global instability and market complexity.