Moncler’s revenue in the first half of the year was 1.29 billion euros, with demand in the Asia-Pacific market offsetting the decline in Europe.

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On July 23, Moncler announced its financial results for the first half of the fiscal year ending June 30, 2026. The report shows that the group achieved total revenue of 1.2899 billion euros in the first half, up 9% year-on-year at constant exchange rates; net profit was 164.7 million euros, up 7.3% year-on-year, and operating profit margin rose to 19.0%.

On the profit side, the group maintained a relatively high premium level. 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 flow rose from 981 million euros in the same period last year to 1.112 billion euros.

However, behind the stable overall indicators, a gradual slowdown in performance has already emerged. The financial report shows that the group’s revenue growth in Q1 reached 12%, while Q2 single-quarter revenue was 409.3 million euros, with growth dropping to 5%.

By brand, the core brand Moncler achieved first-half revenue of 1.0896 billion euros, accounting for 84.5% of total revenue, up 9% year-on-year. At the channel level, the direct retail strategy continued to drive growth.

Direct retail business revenue for this brand reached 933.2 million euros, up 10% year-on-year, accounting for 86% of total brand revenue; same-store sales increased by 7%. In contrast, wholesale channel revenue was 156.4 million euros, with growth of only 3%.

The other brand under the group, Stone Island, achieved first-half revenue of 200.3 million euros, up 11%, with direct retail channel revenue growing 16% at a high rate.

The divergence between regional markets is the core feature of this financial report.

The Asia-Pacific region, which includes the Chinese market, has become the group’s largest performance driver.

Data shows that Moncler’s brand revenue in Asia-Pacific in the first half reached 592.9 million euros, accounting for a high 54%. Against the backdrop of slowing global growth in Q2, the Asia-Pacific region still saw 12% growth in the single quarter. Consumer demand in China and surrounding markets directly offset the downward pressure from the European and American markets. In addition, Stone Island’s first-half revenue in Asia-Pacific surged 25%, showing a strong penetration trend.

By comparison, the European market became a drag on performance. Moncler’s brand in the EMEA region grew only 1% in Q1, and directly saw an 8% year-on-year decline entering Q2. The financial report notes this was mainly due to reduced tourism flows and a cooling local retail environment in June. The Americas market was flat, recording 4% growth in the first half.

Overall, Moncler delivered a steady report card in the first half, but the slowdown in Q2 growth and weakness in the European market indicate that the global luxury goods consumption recovery is not linear. How to maintain growth momentum in the Chinese market while balancing regional risks and achieving seasonal brand transformation will be the core task for Rongone after taking office.

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