Moncler上半年收入12.899亿欧元、二季度增速降至5%，欧洲市场转弱

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Introduction & Market Context
Moncler Group (BIT:MONC) presented its first-half 2026 financial results on July 22, revealing solid overall performance tempered by a notable deceleration in the second quarter. While the luxury outerwear group delivered 9% constant currency revenue growth for the full half, second-quarter momentum slowed to 5% as weaker tourist flows in Europe and softer June trading weighed on results.
The presentation highlighted the company’s strategic push to expand beyond its core winter season through initiatives like the "Puffy Summer" campaign, while Stone Island continued to outperform with double-digit growth across most markets. However, management acknowledged operating in a "complex and hard to predict" environment, with particular weakness in European markets offset by strength in Asia and the Americas.
CEO Remo Ruffini emphasized the group’s resilience strategy: "In a global landscape defined by rapid and disruptive change, what makes our Group resilient is not only how quickly we react, but how true we stay to who we are and how close we remain to the communities we speak to."
Consolidated Financial Performance
The following chart illustrates Moncler Group’s consolidated results for the first half of 2026, showing the split between the Moncler and Stone Island brands across both quarters.
Moncler Group reported first-half revenues of EUR 1,289.9 million, representing 9% growth at constant exchange rates compared to H1 2025. The Moncler brand contributed EUR 1,089.6 million (84% of group revenues), while Stone Island generated EUR 200.3 million (16% of total).
However, the quarterly breakdown reveals a significant deceleration. First-quarter revenues grew 12% at constant currency, while second-quarter growth slowed to just 5%. This sequential slowdown was driven primarily by weakness in European markets, where reduced Asian tourist flows and softer local demand created headwinds.
Group EBIT reached EUR 245.4 million with a 19.0% margin, improving from 18.3% in the prior year despite absorbing approximately 60 basis points of negative impact from one-off charges related to a new governance structure. The margin expansion was primarily driven by favorable channel mix as direct-to-consumer sales continued to gain share.
Net profit totaled EUR 164.7 million (12.8% margin), up 7% year-over-year, demonstrating the group’s ability to protect bottom-line performance even as top-line growth moderated. The company maintained a strong net cash position of EUR 1,112.4 million, providing substantial financial flexibility.
Moncler Brand Performance and Strategic Initiatives
The Moncler brand’s spring/summer campaign represented a strategic effort to expand relevance beyond the traditional winter season. As shown in the following campaign imagery, the "Puffy Summer" initiative featured global ambassador Jamie Dornan and distinctive inflatable animal sculptures.
The campaign launched globally during Milan Design Week with a "larger-than-life puffy octopus" installation at 10 Corso Como before expanding to other cities worldwide. Management positioned this as part of a long-term commitment to remain "relevant throughout the year, well beyond our core season."
Beyond the summer push, Moncler showcased several other strategic initiatives during the quarter. The company presented its Grenoble Spring/Summer 2026 performance line, unveiled the Collection Pre-Fall 2026 inspired by academic life, and hosted the Moncler Studio Ascenti 2026 interactive design lab in June.
A significant achievement came at the 73rd Cannes Lions International Festival of Creativity, where Moncler secured its first Grand Prix award for the "Warmer Together" campaign. Ruffini commented: "Advertising comes and goes, ideas last. This Grand Prix is not just a recognition of a campaign, it’s a reminder that when creativity has purpose, it can bring people together and create something that lasts beyond the moment."
Geographic Performance Analysis
The following regional breakdown reveals stark geographic divergence in Moncler brand performance during the first half of 2026.
Asia emerged as the clear growth driver for Moncler, with revenues increasing 12% in the second quarter to EUR 159.9 million. All major Asian markets posted positive growth, with China and Korea particularly strong. For the full half, Asian revenues reached EUR 592.9 million, though the region’s share of total revenues declined to 54% from 51% in the prior year as growth was outpaced by other regions on a percentage basis.
In sharp contrast, EMEA revenues declined 8% in the second quarter to EUR 111.2 million, primarily due to softer tourist flows, especially from Asian customers, and weak online channel performance. This represented the most significant headwind to overall group growth. For the half, EMEA revenues totaled EUR 349.7 million, down from EUR 365.4 million in H1 2025.
The Americas delivered steady 4% growth in Q2 to EUR 51.9 million, driven by solid direct-to-consumer channel performance and robust local consumption. However, for the full half, Americas revenues were essentially flat at EUR 147.0 million versus EUR 147.9 million in the prior year.
Channel Mix and Distribution Strategy
Direct-to-consumer channels continued to gain importance in Moncler’s business model, as illustrated in the following channel breakdown.
Moncler’s DTC revenues reached EUR 933.2 million in the first half, up 10% year-over-year, representing 86% of brand revenues. Comparable store sales growth of 7% indicated healthy performance from the existing store base. In the second quarter, DTC revenues grew 3% despite macroeconomic headwinds, with the physical retail channel significantly outperforming the online channel.
Wholesale revenues totaled EUR 156.4 million for the half, up 3% as the company continued efforts to upgrade distribution quality rather than pursue volume growth. The wholesale channel’s share of total revenues declined to 14% from 15% in the prior year.
As of June 30, 2026, Moncler operated 298 directly-owned stores globally, adding three net new locations during the first half. The geographic distribution showed 147 stores in Asia, 97 in EMEA, and 54 in the Americas.
Stone Island’s Outperformance
Stone Island continued to deliver strong double-digit growth across most markets, as shown in the following geographic breakdown.
Stone Island generated EUR 200.3 million in first-half revenues, up 11% at constant currency, with second-quarter growth matching that pace at 11%. The brand benefited from successful product launches and collaborations, including the "NO SEASONS" concept unveiled at Milan Design Week and a football-inspired capsule collection with New Balance.
The New Balance collaboration proved particularly timely, featuring professional footballers Endrick and Bukayo Saka wearing Stone Island | New Balance football boots during the 2026 world tournament. This partnership translated 1990s football culture into contemporary product while expanding Stone Island’s reach into sports-inspired lifestyle categories.
Geographic performance showed exceptional strength in Asia, where revenues surged 25% in the second quarter to EUR 24.9 million, consistent with first-quarter momentum. The Americas posted even more impressive 49% growth to EUR 6.6 million, albeit from a smaller base. EMEA, Stone Island’s largest market, grew a more modest 2% to EUR 54.7 million.
From a channel perspective, Stone Island’s direct-to-consumer business accelerated significantly, with DTC revenues up 16% for the half to EUR 109.2 million, maintaining solid double-digit growth momentum. The physical channel continued to outperform online, though the latter showed sequential improvement. Wholesale revenues grew 5% to EUR 91.1 million, with the second quarter showing 6% growth as distribution quality initiatives continued.
Stone Island operated 95 directly-owned stores as of June 30, 2026, with 54 locations in Asia, 33 in EMEA, and 8 in the Americas.
Detailed Financial Analysis
The comprehensive income statement reveals the drivers behind Moncler Group’s profitability expansion during the first half of 2026.
Gross profit reached EUR 995.2 million with a 77.2% margin, up 30 basis points from 76.9% in the prior year. The improvement was primarily attributable to favorable channel mix as higher-margin DTC sales gained share.
Selling expenses totaled EUR 446.3 million, representing 34.6% of revenues, an improvement from 35.0% in H1 2025 due to positive operating leverage. General and administrative expenses increased to 14.0% of revenues from 13.9%, including EUR 8.0 million in one-off charges related to the new governance structure. Management expects total one-off charges to reach approximately EUR 10.0 million for the full year.
Marketing expenses declined slightly to 9.5% of revenues from 9.6%, with management expecting approximately 7% incidence at year-end as spending is typically weighted toward the second half.
Net financial expenses increased to EUR 12.1 million from EUR 6.5 million in the prior year, primarily due to higher interest expenses on lease liabilities, which rose to EUR 25.0 million from EUR 18.7 million as the store network expanded.
The effective tax rate stood at 29.4%, resulting in net income of EUR 164.7 million and a 12.8% net margin.
Historical Performance Trends
The following multi-year comparison provides context for the first-half 2026 results within Moncler’s longer-term trajectory.
The data shows that while H1 2026 revenue growth of 5% (reported) represented a deceleration from recent quarters, it followed a particularly strong H1 2025 that had grown 4% year-over-year. The company’s profitability metrics remained robust, with EBIT margin of 19.0% in H1 2026 comparing favorably to full-year 2025 EBIT margin of 29.2%, though the latter benefited from the seasonally stronger second half.
Quarterly Performance Deep Dive
The most granular view of performance comes from the detailed quarterly breakdown by brand, channel, and geography.
This comprehensive analysis reveals that the first quarter of 2026 was significantly stronger than the second, with Q1 group revenues up 12% at constant currency versus Q2’s 5% growth. The deceleration was most pronounced in the Moncler brand’s EMEA region, which grew 1% in Q1 but declined 8% in Q2.
Stone Island maintained more consistent momentum, with Q1 growth of 11% matching Q2’s 11% pace. The brand’s DTC channel showed particular strength, growing 18% in Q1 and 15% in Q2, demonstrating the success of the direct retail expansion strategy.
For Moncler, the DTC channel grew 16% in Q1 but slowed to just 3% in Q2, reflecting the impact of weaker tourist flows and softer June trading, particularly in European markets. The wholesale channel maintained steadier 3% growth in both quarters.
Capital Allocation and Balance Sheet Strength
Moncler Group maintained a strong financial position throughout the first half, with net cash of EUR 1,112.4 million as of June 30, 2026, compared to EUR 980.8 million a year earlier and EUR 1,458.0 million at year-end 2025. The sequential decline from year-end reflected the payment of EUR 374.1 million in dividends during the period.
Free cash flow generation totaled EUR 34.0 million, more than doubling from EUR 15.0 million in H1 2025, driven primarily by higher EBIT. Operating cash flow reached EUR 90.2 million, up from EUR 67.8 million in the prior year.
Net working capital increased to EUR 319.6 million (10.0% of last-twelve-months revenues) from EUR 283.7 million (9.1% of LTM revenues) a year earlier. Management attributed the increase mainly to higher inventory levels resulting from a strategic decision to front-load raw material purchases and different production phasing to better serve global markets.
Capital expenditure totaled EUR 89.2 million (6.9% of revenues), up from EUR 82.0 million (6.7% of revenues) in H1 2025. The spending was split between EUR 55.1 million for distribution (primarily store openings and renovations) and EUR 34.1 million for infrastructure. Management forecast that capital expenditure would moderate to approximately 6% of revenues by year-end.
Lease liabilities stood at EUR 1,198.6 million as of June 30, 2026, compared to EUR 1,109.1 million at year-end 2025 and EUR 940.8 million a year earlier, reflecting the ongoing expansion of the directly-operated store network.
Forward-Looking Statements and Challenges
While Moncler’s presentation did not include specific full-year guidance, management commentary and CEO Ruffini’s statement provided insight into the company’s outlook. Ruffini acknowledged the "complex and hard to predict" operating environment while expressing confidence in approaching "the second half of the year and the opportunities ahead" with a "clear sense of direction."
The company faces several near-term challenges. The EMEA region’s weakness, driven by reduced Asian tourist flows, represents a significant headwind given that market’s historical importance. The softer June trading patterns suggest potential continued pressure in the third quarter. Additionally, the shift toward "buy-now, wear-now" consumer behavior may impact traditional pre-season wholesale deliveries.
On the positive side, management emphasized its strategic initiatives to drive year-round relevance, particularly through the spring/summer collections. The strong performance in Asia and the Americas provides geographic diversification, while Stone Island’s continued double-digit growth offers a complementary growth engine.
The company’s substantial net cash position of EUR 1.1 billion provides financial flexibility to invest in strategic initiatives, pursue potential acquisitions, or return additional capital to shareholders. Management’s focus on upgrading distribution quality rather than pursuing rapid wholesale expansion suggests a disciplined approach to long-term value creation.
With the second half traditionally representing the most important period for Moncler’s business given the winter seasonality of its core products, the company’s ability to deliver on its fall/winter collections will be critical to full-year performance. The planned September 2026 opening of a major Fifth Avenue flagship in New York represents a significant milestone in the company’s U.S. expansion strategy.
Full presentation:
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