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The owner of Moncler and Stone Island surpassed €3 billion in revenue while securing digital innovation, retail control, and cultural positioning.
Financials
02 June, 2026
Table of contents
Moncler S.p.A. released its Annual Report 2025 on the 31st of March 2026. It confirms another year of flexible performance, even with the ongoing pressure in the global luxury sector. When other luxury players faced an uneven Chinese recovery, softer consumer demand, and hiking promotional activity, Moncler Group maintained stable revenues and profitability. That was supported by strong distribution management, well-worked brand equity, and investment in direct-to-consumer retail.
The Group earned revenues that exceeded €3,1 billion in FY2025, with gross profit above €2,4 billion and operating income in €913 million. Even though the growth was moderate compared to previous years, the results show Moncler Group’s ability to preserve profitability and pricing power in a luxury environment that is defined by polarisation between high-end brands and aspirational players.
| KPI (€ million) | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenues | 3.132,1 (+0,7%) | 3.108,9 (+4,2%) | 2.984,2 (+14,7%) | 2.602,9 |
| Gross Profit | 2.446,2 (+0,8%) | 2.426,6 (+5,5%) | 2.300,8 (+15,7%) | 1.987,8 |
| Operating Incomes | 913,4 (-0,3%) | 916,3 (+2,5%) | 893,8 (+15,4%) | 774,5 |
| Net Incomes | 626,7 (-2,0%) | 639,6 (+4,5%) | 611,9 (+0,9%) | 606,7 |
Moncler S.p.A. maintained the revenue above €3,1 billion in FY2025. It reflects stable demand despite a volatile luxury environment and slow growth in several global markets. The revenue growth remained modest year-on-year. But the Group demonstrates strong pricing power and rigid retail performance with direct-to-consumer expansion and brand desirability.
Gross profit highlighted the company’s ability to have healthy product margins amidst the ongoing macroeconomic pressure and surged operating costs. Operating income remained broadly stable, while net income had a slight decline year-on-year.
| Brand | FY2025 (€m) | FY2024 (€m) |
|---|---|---|
| Moncler | 2.720,9 (+1%) | 2.707,3 |
| Stone Island | 411,2 (+2%) | 401,6 |
| Total Revenues | 3.132,1 (+1%) | 3.108,9 |
Moncler remained the Group’s major growth driver in FY2025. The sales were supported by adaptable DTC demand, high outerwear positioning, and constant momentum in various experiential luxury initiatives such as Moncler Grenoble and Moncler Genius. Meanwhile, Stone Island continued strengthening its positioning in technical and community-led luxury with benefits from resilient retail traction and growing relevance in Asian markets.
| Region | FY2025 (€m) | FY2024 (€m) |
|---|---|---|
| Asia | 1.416,0 (+3%) | 1.379,0 |
| EMEA | 913,8 (-4%) | 949,3 |
| Americas | 391,1 (+3%) | 379,0 |
| Total Revenues | 2.720,9 (+1%) | 2.707,3 |
Asia was Moncler’s largest market. It accounted for over half of brand revenue. China and Korea outperformed during the fourth quarter, with local demand and tourism improving. EMEA continued facing slow traffic trends, particularly in the DTC channel. The Americas benefited from resilient local consumption and stronger wholesale performance during the second half of the year.
| Channel | FY2025 (€m) | FY2024 (€m) |
|---|---|---|
| DTC | 2.359,6 (+1%) | 2.331,9 |
| Wholesale | 361,3 (-4%) | 375,4 |
| Total Revenues | 2.720,9 (+1%) | 2.707,3 |
DTC represents nearly the entire Moncler growth story in FY2025. The physical retail succeeded online in several markets, particularly across EMEA and the Americas. Wholesale declined as the Group continued refining distribution quality and reducing exposure to less strategic doors to reinforce its long-term focus on brand control and pricing discipline.
| Region | FY2025 (€m) | FY2024 (€m) |
|---|---|---|
| Asia | 116,3 (+11%) | 105,2 |
| EMEA | 268,7 (0%) | 268,9 |
| Americas | 26,2 (-5%) | 27,5 |
| Total Revenues | 411,2 (+2%) | 401,6 |
Stone Island delivered its strongest regional momentum in Asia, where China and Japan accelerated throughout the year. EMEA was stable despite softer wholesale dynamics in the whole luxury sector. The Americas saw weaker annual performance, even though there was a significant recovery in Q4.
| Channel | FY2025 (€m) | FY2024 (€m) |
|---|---|---|
| DTC | 226,4 (+8%) | 208,9 |
| Wholesale | 184,8 (-4%) | 192,7 |
| Total Revenues | 411,2 (+2%) | 401,6 |
The DTC business of Stone Island performed better than wholesale with the support of strong double-digit growth in both physical retail and online channels. The wholesale business stayed softer, although fourth-quarter performance improved due to the timing of deliveries and optimisation of the distribution network.
One of the most significant developments for Moncler S.p.A. during FY2025 was Moncler’s advanced investment in digital innovation and AI-driven customer experience. In September 2025, the Group launched a redesigned Moncler.com platform developed in partnership with Google Generative AI technology.
The new digital ecosystem transformed the website from a transactional platform into an immersive brand destination focused on movement, storytelling, and product craftsmanship. According to the company, visitors spent 27% more time per session following the launch, while mobile engagement increased by 49%.
With luxury evolving toward experience-led commerce, Moncler’s digital transformation has positioned the Group in that space ahead of many traditional competitors still operating in transactional e-commerce models.
In 2025, Major brand moments for Moncler included the Moncler Grenoble Fall/Winter 2025 showcase in Courchevel, the brand’s first participation at the Met Gala and the global “Warmer Together” campaign featuring Al Pacino and Robert De Niro. Moncler Genius also went beyond fashion into a wider platform for co-creation in art, entertainment, music and technology.
Stone Island extended its cultural store through projects such as STONE ISLAND SOUND, collaborations with Frieze and global campaigns featuring personalities including Peggy Gou, Jason Statham and Carmelo Anthony.
Moncler S.p.A. continued its investment in vertical integration, manufacturing control and product quality throughout FY2025. The company expanded knitwear production in Italy while continuing to strengthen outerwear manufacturing in Romania.
At the same time, the Group leveraged anti-counterfeit and traceability initiatives through NFC authentication systems and Certilogo technology. During 2025, Moncler and Stone Island removed hundreds of thousands of counterfeit listings and products from global markets.
Moncler S.p.A.’s FY2025 results show the resilience of brands that combines strong creative identity and disciplined operational execution. The Group benefitted from high brand desirability, controlled distribution and long-term investment in digital innovation and experiential luxury.
Looking forward, Moncler S.p.A. is expected to continue focusing on direct-to-consumer expansion, omnichannel development and community-driven brand building, while maintaining strict control over pricing, product quality and retail experience. The appointment of Leo Rongone as Group CEO from April 2026 also reflects the beginning of a new leadership phase.
Cover Image: GQ.