By region, Asia was the strongest for the Moncler brand, up 5% year-on-year in the third quarter to €229.8 million. All countries within the region registered positive growth, with Japan and Korea outperforming. Analysts noted that the brand was bucking trends among Chinese consumers, where most luxury brands have been faltering this quarter.
Luciano Santel, group chief corporate and supply officer, noted that China remains Moncler’s strongest customer base — whether shopping at home or abroad. Though the region was softer in Q3 than Q2 for the brand, he highlighted that Golden Week (which fell in the first week of Q4) did better than the year prior. “One week out of 13 weeks in the quarter is meaningless for the business, but it’s very important for us because it shows that the brand is strong in China,” Santel told investors.
Moncler’s EMEA (Europe, the Middle East, and Africa) revenues fell 9% to €197 million, which Santel attributed, in part, to the rise of temperatures heading into September, as well as a dip in tourist flows from Asia. The brand’s Americas revenues rose 2% to €72.8 million.
Moncler’s new Alpine Diary book.
Photo: Moncler
Photo: Moncler
Meanwhile, Stone Island’s Asia revenues were also a growth driver, up 19% year-on-year to €26 million, with strong double-digit growth in the region’s “main countries”. EMEA revenues remained flat at €72.5 million, and Americas revenues rose 13% to €7.3 million, supported by strong DTC growth.
As has been the case in recent quarters, climate change and these related temperature shifts were a hot topic on Wednesday’s call. “The weather is a never-ending discussion,” Santel said, telling analysts that he doesn’t typically like to talk about it. “It’s not something we are particularly worried about, but objectively, of course, some of the softness of traffic is due to temperatures mostly in September and October.” Though he pointed to the group’s strong Q4 results last year as a marker of confidence for the rest of fiscal 2026.
Thinking ahead to 2027, the summer collection — or Moncler’s “lighter product”, given its relevance beyond the Spring/Summer season — will be a focus, Santel added. “Next year, you will see Moncler [be] very intentional in developing the Spring/Summer collection, in communicating the collection, but also in the amount of product we’ll put in stores,” he told investors. “You will see more stores carrying the full pre-summer collection versus this year and with higher depth. The investment next year will be higher, and the year after will be even higher.”
