Moncler (MONC) Q3 2025 earnings summary

Executive summary

• Group revenues for the first nine months of 2025 were €1.84 billion, flat year-over-year at constant FX, with Q3 at €615.6 million, down 1%.

• Moncler and Stone Island brands saw stable or slightly declining revenues, with DTC channels showing sequential improvement in Q3.

• The Americas and China outperformed, while EMEA and Japan lagged due to weak tourism.

• Key initiatives included the "Warmer Together" campaign, Casa Moncler headquarters, and new store openings in Austin, Beijing, and New York.

• The company emphasized disciplined execution, cultural milestones, and enhanced digital engagement.

Financial highlights

• Moncler brand revenues for 9M 2025 were €1,553.2 million, flat year-over-year; Q3 at €514.2 million, down 1%.

• Stone Island brand revenues for 9M 2025 were €288.1 million, down 1%; Q3 at €101.4 million, flat year-over-year.

• DTC channels showed sequential improvement; Moncler DTC up 1% for 9M, Stone Island DTC up 9% for 9M and 11% in Q3.

• Wholesale channels declined: Moncler down 5% for 9M, Stone Island down 9% for 9M and 8% in Q3.

• H1 2025 group net result was €153.5 million, down 15% year-over-year; gross profit margin stable at 76.9%.

Outlook and guidance

• Wholesale revenues for the full year expected to be down mid-single digit, better than previous guidance.

• Management remains focused on long-term brand value, agility, and responsible leadership amid global challenges.

• Early Q4 trading positive across regions, but management remains cautious due to challenging December comps.

• Pricing for next year expected to be low single digit, with focus on balancing FX impacts and demand.

• Space contribution expected to remain in the low-mid single digit range for next year.