Moncler’s Flat Quarter Pushes a Winter House Toward Summer

Moncler Group posted €605.5 million of third-quarter revenue on October 21, flat on a year earlier at constant exchange rates ($680 million). The Italian house that built its name on down jackets said a warm September and thinner Asian tourist traffic in Europe weighed on its own stores, then told investors it will put more summer product on the floor in 2027.

Stone Island, the smaller brand in the group, rose 5 percent. Asia still grew. That split is why the shares ticked up even as the mother brand slipped 1 percent and the stock sat just above a 52-week low.

Group Sales Stall at €605.5 Million

The figure beat the €597 million consensus analysts had modeled, and it still reads as a pause. Moncler S.p.A.’s board, meeting in Milan, approved an interim statement that put consolidated revenues of EUR 1,895.4 million for the first nine months, up 6 percent at constant rates and 3 percent as reported from €1,841.3 million a year earlier.

The namesake line brought in €499.6 million in the quarter, down 1 percent at constant rates. Direct-to-consumer sales, the shops and sites the group runs itself, fell 2 percent. Wholesale, which the company is still trimming, rose 2 percent. Stone Island added €105.9 million, up 5 percent, with both channels in the black.

Q3 REVENUE BY BRAND AND REGION

Executive Chairman Remo Ruffini was not on the October 21 call, and neither was Chief Executive Bartolomeo Rongone. Luciano Santel, the group’s chief corporate and supply officer, took the questions. Ruffini’s written remarks still set the tone the company wanted on the tape.

A Warm September Hits the Puffer Calendar

Santel does not like talking about the weather, and he said so. He also said some of the missing traffic in September and October came from temperatures that ran hotter than a year earlier. Conversion in the shops improved, he told the call, which means the people who did walk in still bought. Fewer of them walked in.

The weather is a never-ending discussion. It’s not something we are particularly worried about, but objectively, of course, some of the softness of traffic is due to temperatures mostly in September and October.

Luciano Santel, Chief Corporate and Supply Officer, Moncler Group, nine-month 2026 call

That is an awkward sentence for a house founded in 1952 in Monestier-de-Clermont, a French alpine village, and still organised around warmth. The second floor of the new New York flagship is a full Moncler Grenoble mountain floor, with skiwear, goggles, Stöckli skis, POC helmets and snowboards made with Shaun White’s WHITESPACE line. The product that pays for that floor is a coat people wear when the air bites. In a mild September they leave it on the rack.

The jacket has also become a logo. Buyers who still think in layers and fill-power now price it against cheaper kit, which is a problem only when the weather fails to close the sale. A cold snap does not need a story. A warm one does.

Asia Holds While Europe Loses Tourists

Asia, which in Moncler’s books means Asia-Pacific plus Japan and Korea, was the only region that still pulled the mother brand forward. Sales there rose 5 percent in the quarter to €229.8 million, with every country up and Japan and Korea in front. For the nine months, Asia is 51.8 percent of Moncler brand sales, or €822.7 million, up 15 percent at constant rates.

That mix is the reverse of what the rest of luxury just printed. LVMH’s fashion and leather goods sales fell 5 percent in the same quarter, to €8.24 billion, and its Asia sales excluding Japan also fell 5 percent. Chinese clients, at home and abroad, were the hole. Santel said China remains Moncler’s strongest customer base, shopping at home or overseas, and that Golden Week, the first week of the fourth quarter, came in better than a year earlier, which had already beaten the year before that.

“One week out of 13 weeks in the quarter is meaningless for the business, but it’s very important for us because it shows that the brand is strong in China,” he told investors. He also said he is sincerely confident on China and called it a healthy region for the brand. JPMorgan’s luxury desk said Chinese customers kept roughly stable growth at Moncler, a contrast with peers.

EMEA is where the tourists went missing. Moncler brand sales there fell 8 percent to €197 million, which Santel tied to softer local demand and fewer Asian visitors, on top of the heat. For the nine months, EMEA is down 5 percent at constant rates to €546.7 million. The Americas rose 2 percent in the quarter to €72.8 million, a slower step than earlier in the year, which the company blamed on weaker summer traffic. Physical stores still beat the online channel.

Stone Island Grows as the Mother Brand Slips

Stone Island is 16.2 percent of group sales, and in this quarter it did the work the bigger badge did not. Nine-month revenue reached €306.2 million, up 8 percent at constant rates from €288.1 million. Direct sales for the nine months rose 11 percent to €155.9 million. Wholesale rose 6 percent to €150.3 million.

The 5 percent third-quarter gain needs a caveat the company supplied itself. Wholesale was up 7 percent in the quarter, helped by a shift in delivery timing between the third and fourth quarters against last year. Direct sales still grew 2 percent even after the group cut markdowns in EMEA and traffic slowed. Full-price sales kept rising at a double-digit pace, which is the cleaner read than the headline.

NINE-MONTH SCORECARD

• Group: €1,895.4 million, up 6 percent at constant rates and 3 percent as reported.
• Moncler brand: €1,589.2 million, up 6 percent at constant rates, 83.8 percent of the group.
• Stone Island: €306.2 million, up 8 percent at constant rates.
• Moncler’s own stores: €1,290.8 million, up 6 percent, 81.2 percent of that brand.

Asia is the growth engine for Stone Island too. The region rose 19 percent in the quarter and 23 percent over nine months, to €86.4 million. The Americas, still small at €21.5 million for the nine months, rose 26 percent at constant rates and 13 percent in the quarter, led by the brand’s own stores. EMEA, still 64.8 percent of Stone Island, was flat in the quarter and up 1 percent over nine months.

The Fifth Avenue Store Opens Into Soft Traffic

Ruffini’s statement treated the New York opening as the event of the quarter, and of the year. On September 10 the group opened its largest-ever global flagship on Fifth Avenue, a 23,680-square-foot, two-level shop in the General Motors Building at 767 Fifth Avenue, steps from Central Park. Gilles & Boissier, the French studio that has worked with the brand for more than twenty years, designed it. Ceilings rise more than eight meters. The ground floor carries the main collection, Genius collaborations and footwear. The upstairs floor is Grenoble.

The store also launched Moncler to Measure, a made-to-order atelier, and gave Fifth Avenue clients first look at the second LoveFrom, Moncler collection with Jony Ive’s studio, built around a down-filled Moncore jacket and magnetic outer layers. It is a mountain house spending like a fashion house on a street that sells both. Americas sales still only rose 2 percent in the quarter that contained the opening.

The network around that shop is still growing in the United States and in Asia, and shrinking in wholesale.

WHAT OPENED IN THE QUARTER

• New York Fifth Avenue: The group’s largest store, counted in a net seven extra Moncler directly operated shops since June 30, taking the total to 305.
• Las Vegas Crystals: A new U.S. shop in the same quarter, as Americas directly operated stores rose from 54 to 58.
• Paris Champs-Élysées: An expansion of an existing flagship, with EMEA store count otherwise unchanged at 97.
• Stone Island Rome: A relocation, not an extra door. Directly operated Stone Island stores ended September at 94, one fewer than in June.

Wholesale mono-brand doors for Moncler fell to 43 from 44 in the quarter and from 49 at the end of 2025. The company is still trying to sell less in the wrong places while it spends on the right ones.

Why Moncler Is Putting More Summer Product in Stores

Santel told investors the house will be deliberate in 2027 about the Spring/Summer line, which he also called lighter product, because it now has a life beyond that season. More stores will carry the full pre-summer collection than they did this year, and they will hold more of it. Spend on that push will be higher next year, he said, and higher again the year after.

That is a long answer to a short-term traffic problem. It is also an admission that a calendar built around winter can no longer be the whole commercial year. Last year’s fourth quarter, he said, gives the group confidence in the rest of fiscal 2026. The summer bet is for the years after that.

In the third quarter, our industry continued to navigate an extremely complex environment. In times like these, it is important to remain rigorous, grounded and, above all, focused on our brand strategy, guided by our long-term vision. The recent opening of our Fifth Avenue flagship store, the strongest expression of the Moncler universe, and our ongoing global campaign ‘Pioneers in Moncler’, deeply rooted in our core DNA, are a clear testament to this commitment.

Remo Ruffini, Executive Chairman, Moncler S.p.A., nine-month 2026 statement

Ruffini also flagged Stone Island’s Rome shop and that brand’s campaigns in music, sport and art. The Rome flagship at Via del Babuino 132 opened on July 24 inside a palazzo, 200 square meters on two floors, designed with Samir Bantal of OMA/AMO around a carved-cork “Hyperobject” that ties the old plan together. It is a research-lab store for a brand that still sells more of its clothes at full price. The mother brand is the one writing a bigger summer order.

Shares Rise, With Winter Still to Come

Moncler shares closed October 21 at €42.94, up 1.32 percent from €42.38. They rose again on October 22 as the FTSE MIB fell, the same session in which Hermès opened about 8 percent lower in Paris after a quarter that missed estimates. The bounce does not unwind the year. The stock’s 52-week range is €42.10 to €59.40, and it is down 20.88 percent year to date, hanging just above that low even though nine-month sales are still up 6 percent at constant rates.

Intermonte kept an outperform rating and cut its target to €58.2 from €66.1, arguing the brand is not immune to a weak market but remains strong with Chinese customers and should recover in the fourth quarter. Morgan Stanley cut its target to €47 from €50 and said the fourth quarter, given its weight in annual sales and profits, is the test. Equita kept a buy rating and cut its target to €58 from €63.

THE 2026 CALENDAR BEHIND THE CALL

1. July 24, 2026: Stone Island opens the relocated Rome flagship at Via del Babuino 132.
2. September 10, 2026: Moncler opens the 23,680-square-foot Fifth Avenue store, its largest anywhere.
3. Early October 2026: Golden Week in China beats the year before, in the first week of the fourth quarter.
4. October 21, 2026: The board clears the nine-month statement. Third-quarter group sales are €605.5 million, flat.

The quarter that counts for a down-jacket company is still ahead of it. Santel pointed to last year’s fourth quarter as the reason to stay calm. The summer product he described will not be the coat that has to land between now and December.

Disclaimer: This article is news reporting and analysis of Moncler Group’s published nine-month figures and related market moves, and it is for information only. It is not investment advice, a recommendation to buy or sell Moncler shares or any other security, and it is not a forecast of fourth-quarter or full-year results. Readers should consult a qualified financial adviser or licensed broker before making any investment decision. Revenue figures, ratings and share prices reflect the company statement, analyst notes and market prints cited here as of the dates given, and those numbers can change.