The Italian fashion group Moncler SpA achieved sales of 1.84 billion euros in the first nine months of 2025, according to an interim report published on Tuesday. This means that revenues were one percent below the corresponding previous year’s level. Adjusted for exchange rate changes, they remained constant.
Sales for the Moncler brand were 1.55 billion euros (-1 percent), the Stone Island label came in at 288.1 million euros (-1 percent).
In the third quarter, group sales amounted to 615.6 million euros. This corresponded to a currency-adjusted decline of one percent compared to the same period last year.
“We have completed the first nine months of the year and remain focused on executing our strategy,” said CEO Remo Ruffini in a statement. “We act with discipline, flexibility and a clear direction. We are aware of the challenges, but also open to the opportunities that lie ahead of us.”
The sales development of the Moncler brand
In the Asia-Pacific region, the Moncler brand achieved sales of 752.6 million euros in the first nine months. This corresponds to currency-adjusted growth of three percent compared to the same period last year. In the third quarter, sales in the region remained stable after adjusting for currency effects. China continued to outperform the rest of the region, while Japan and Korea delivered weaker results.
In the EMEA region, which includes Europe, the Middle East and Africa, the brand recorded sales of 581.0 million euros. That’s a currency-neutral decline of four percent compared to the first nine months of 2024. In the third quarter, sales in the region fell four percent year-on-year, but showed gradual improvement.
Sales in North and South America rose by two percent in the first nine months, adjusted for currency effects, to 219.6 million euros. In the third quarter, sales in the region increased by five percent year-on-year. This increase was driven by double-digit growth in its own retail business, while sales in its wholesale business declined.
Global sales for the Moncler brand reached 1.25 billion euros in the first nine months. This corresponds to a currency-adjusted increase of one percent compared to the same period last year. In the third quarter of 2025, revenue remained stable year-over-year in constant currency and showed a slight sequential improvement. This was achieved despite ongoing macroeconomic headwinds and continued weak consumer confidence. North and South America and China achieved better results, while EMEA and Japan performed weaker, mainly due to the lower number of tourists.
In wholesale, the label recorded sales of 297.8 million euros, which corresponded to a currency-adjusted decline of five percent compared to the same period last year. In the third quarter, the most important of the year for this channel, sales fell four percent year-on-year in constant currency. That at least represented an improvement compared to the previous quarter. According to management, the decline continued to be due to ongoing initiatives to optimize the distribution network.
As of September 30, the Moncler brand operated 294 stores of its own. This represents a net increase of seven locations compared to June 30.
Stone Island revenue by region
In the first nine months of 2025, the Stone Island brand generated sales of 288.1 million euros. This meant a decrease of one percent compared to the same period last year. In the third quarter, the brand’s sales amounted to 101.4 million euros and remained stable year-on-year after adjusting for currency effects.
In the first nine months of 2025, the label’s sales in Asia reached 74.2 million euros. This corresponds to currency-adjusted growth of 13 percent compared to the same period last year. In the third quarter, the region grew 9 percent year-over-year, driven primarily by continued strong results in China and Japan.
The EMEA region recorded sales of 196.2 million euros, which represented a currency-adjusted decline of four percent compared to the same period last year. In the third quarter, sales fell by three percent year-on-year. Losses in the wholesale business could not be compensated for by increases in the company’s own retail business.
In North and South America, Stone Island suffered an eleven percent decline. In the third quarter, sales fell by three percent year-on-year after adjusting for currency effects. Both the wholesale and direct-to-consumer channels showed sequential improvements.
In the company’s own retail sector, sales rose by nine percent in the first nine months compared to the same period last year and reached 145.1 million euros. In the third quarter, revenue in this channel grew 11 percent on a currency-neutral basis, driven primarily by strong results in Asia and EMEA.
In the wholesale business, Stone Island recorded sales of 143.0 million euros, which corresponds to a decrease of nine percent compared to the first nine months of the previous year. In the third quarter, corresponding sales fell by eight percent.
Stone Island had 92 stores of its own at the end of September. Compared to June 30, the branch network grew by one location.
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