Despite an uncertain economic and geopolitical environment, Moncler posted growth in the first half of 2026. The Italian group improved its profitability, driven by the strength of its eponymous brand, the growth of Stone Island, and robust direct-to-consumer sales.
Growth Driven by Direct Sales
In the first half of 2026, the Moncler Group generated revenue of 1.29 billion euros, up 9% at constant exchange rates (+5% at current exchange rates). Operating income (EBIT) reached 245.4 million euros, representing a margin of 19%, compared to 18.3% a year earlier, while net income came in at 164.7 million euros, up 7.3%.
The Moncler brand generated 1.09 billion euros in revenue (+9% at constant exchange rates), while Stone Island continued its momentum with 200.3 million euros, up 11%.
As with many luxury brands, growth is primarily driven by the Direct-to-Consumer (DTC) channel. Sales through company-owned stores and digital channels rose by 10% at Moncler and 16% at Stone Island, improving the group’s gross margin in the process thanks to a more favorable distribution mix.
Asia Offsets the European Slowdown
The geographic breakdown of performance illustrates the current disparities in the luxury market. At Moncler, Asia remains the main growth driver, with sales up 19% at constant exchange rates, driven in particular by China and Korea. Conversely, the EMEA region declined by 4%, hurt by a drop in tourist traffic—particularly from Asia—as well as a more challenging environment for online sales. The Americas posted growth of 6%.
Stone Island showed a more balanced performance, with particularly strong growth in Asia (+25%) and the Americas (+35%), while Europe grew by 3%.
Caution for the Second Half of the Year
The group is nevertheless approaching the second half of the year with caution. “The operating environment remains complex and difficult to predict,” emphasizes Remo Ruffini, Executive Chairman of Moncler. However, he believes that the group’s resilience rests on the strength of its brands, their creativity, and their ability to remain relevant throughout the year.
Moncler thus reaffirms its roadmap: strengthening the brand’s three pillars—Moncler Grenoble, Moncler Collection, and Moncler Genius—while continuing to develop Stone Island and investing in a selective distribution network and an omnichannel customer experience. This long-term strategy aims to preserve the desirability of both brands in a luxury market that has become increasingly demanding.
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Featured photo: © Moncler
