Business is booming at Moncler Remo Ruffini's group posted solid growth in the first half of the year

The Moncler Group's results for the first half of 2026 have been released. They are very strong. This was to be expected, given that Remo Ruffini's group is one of the most solid luxury giants on the market, but this semester's figures are particularly significant as they coincide with the first official statements from new CEO Leo Rongone, the announcement of the departure from the board of directors of both Alexandre Arnault and Geoffroy van Raemdonck, and the arrival of Sidney Toledano, advisor to the Arnaults and CEO of LVMH, who has been appointed the company's new director and will remain in office until the next shareholders' meeting.

But how are things going for the group?

A strong market

In the first six months ending last June 30, Moncler Group sales amounted to €1.29 billion, up 5% from €1.22 billion in the first half of 2025. At constant exchange rates, revenues increased by 9%. The group's net profit grew by 7.3%, reaching €164.7 million compared to €153.5 million in the first half of last year. Operating profit rose 9.1% to €245.4 million, up from €224.8 million.

All of these figures are the result of both Moncler's and Stone Island's performance. But beyond the strength of the group's core segment, these results are significant because they reflect the expansion work the group has been doing — if one may put it this way — to move beyond its original winter-focused roots. Unlike typical luxury brands, the Moncler Group has a specific and highly seasonal core business, and for years it has been working to broaden its offering in order to maintain its relevance throughout the year. It is a strategy that takes time but is proving fruitful — one that current geopolitical challenges may have slowed without, however, bringing to a halt.

Moncler remains the crown jewel

At Moncler, sales grew 5% to €1.09 billion, driven by the direct-to-consumer channel. Revenues in Asia grew 13% to €592.9 million, with strong sales in China and South Korea. Performance in Europe weakened, falling 4% to €349.7 million, primarily due to softer tourist flows, particularly from Asian customers. In the Americas, revenues increased 6% at constant exchange rates but fell 1% at reported rates to €147 million.

As with all luxury brands, the direct channel in America holds enormous potential. This is why Moncler will open its largest store in the world in New York in September, during fashion week. Overall, the direct-to-consumer channel grew 6% to €933.2 million, with physical stores continuing to outperform the online channel.

The wholesale channel also grew 3% at constant rates, though direct channels have always been the preferred route: the group has 298 directly operated stores, three of which opened after March. One noteworthy development is that the fragrance licence with Interparfums, first signed in 2020, has been suspended.

Stone Island is the ace up the sleeve

More modest than Moncler, in terms of scale as well, Stone Island nonetheless remains the group's ace up the sleeve. With an identity more open to lifestyle expansion beyond the outerwear category, a cult following, and a history of highly successful collaborations, the brand is surrounded by constant hype. Its results are indeed smaller in absolute terms but, in pure terms, stronger than Moncler's: revenues for the first half of 2026 increased 7% to €200 million, supported by continued double-digit growth in the direct channel.

Sales in Asia grew 15%, equivalent to 25% at constant exchange rates, reaching €60.4 million, with all major markets continuing to record strong double-digit growth. Europe, traditionally slow, also rose 2% to €125.8 million. In the Americas, revenues grew 28% to €14.1 million. And in the second quarter alone, global sales accelerated by 49%. Virtually all channels, both direct and indirect, grew — though direct channels grew more — and the group is now looking to optimise the brand's store network, currently standing at 95.