On July 23, Moncler released its financial results for the first half of the fiscal year ending June 30, 2026.
The report shows the group achieved total revenue of 1.2899 billion euros for the first half, representing a 9% year-on-year increase at constant exchange rates.
Net profit reached 164.7 million euros, a 7.3% increase from the prior year, while the operating profit margin improved to 19.0%.
Key Financial Performance
The group maintained a high level of premium pricing.
Gross profit for the first half was 995.2 million euros, with the gross margin slightly rising to 77.2%.
As of the end of June, the group's net cash position increased to 1.112 billion euros from 981 million euros a year earlier.
Quarterly Performance Trends
Despite these solid overall indicators, a trend of sequential quarterly deceleration has emerged.
The financial report indicates group revenue growth was 12% in the first quarter, while second-quarter revenue of 409.3 million euros saw growth slow to just 5%.
Breakdown by Brand
Analyzed by brand, the core Moncler brand generated revenue of 1.0896 billion euros in the first half, accounting for 84.5% of total revenue and growing 9% year-on-year.
At the channel level, the direct-to-consumer strategy continued to drive growth.
Revenue from the brand's direct-to-consumer business reached 933.2 million euros, a 10% increase, representing 86% of the brand's total revenue, with comparable store sales growing 7%.
In contrast, wholesale channel revenue was 156.4 million euros, with growth of only 3%.
The group's other brand, Stone Island, reported first-half revenue of 200.3 million euros, an 11% increase, with its direct-to-consumer channel achieving strong growth of 16%.
Regional Market Divergence
A key feature of this period's results is the divergence in performance across regional markets.
The Asia-Pacific region, which includes China, has become the group's largest performance pillar.
Data shows the Moncler brand's revenue in the Asia-Pacific region reached 592.9 million euros for the first half, representing a significant 54% of the brand's total.
Against the backdrop of a global slowdown in the second quarter, the Asia-Pacific region still recorded 12% growth for the quarter.
Consumer demand from China and surrounding markets directly offset downward pressure in the broader European and American markets.
Furthermore, Stone Island's revenue in Asia-Pacific surged 25% in the first half, indicating a strong penetration trend.
In contrast, the European market has become a drag on performance.
The Moncler brand saw only a 1% increase in the EMEA region in the first quarter, followed by an 8% year-on-year decline in the second quarter.
The financial report attributes this primarily to reduced tourist traffic and a cooling domestic retail environment in June.
The Americas market showed tepid performance, recording 4% growth for the first half.
Overall Assessment
Overall, Moncler delivered a solid performance for the first half.
However, the slowdown in growth during the second quarter and the weakness in the European market indicate that the recovery in global luxury consumption is not linear.
Maintaining growth momentum in the Chinese market while balancing regional risks and executing the brand's seasonal transition will be a central challenge following Rongone's appointment.
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