Moncler nine-month 2026 revenue: 1.9 billion euros, but the third quarter went flat

Moncler Group's revenue for the first nine months of 2026 was EUR 1,895.4 million (about $2.1 billion), up 6% at constant exchange rates and 3% at current rates, according to the interim management statement the company released on October 21, 2026. The headline is healthy. The third quarter, EUR 605.5 million, was flat at constant exchange rates, and that is the number that matters for where the group is heading.

What the nine-month figure hides

The group grew 12% at constant exchange rates in the first quarter, when revenue was EUR 880.6 million, according to Moncler's April 21, 2026 statement. A year-to-date gain of 6% after a first quarter of 12% means the remaining six months were much weaker. By the third quarter the group was at zero.

The split by brand explains it. The Moncler brand brought in EUR 1,589.2 million over nine months, up 6% at constant exchange rates and 2% at current rates. In the third quarter it brought in EUR 499.6 million, down 1%. Stone Island reported EUR 306.2 million for nine months, up 8% at constant exchange rates, and EUR 105.9 million in the third quarter, up 5%.

Quarter one versus quarter three

The April statement gives a clean before-and-after for the Moncler brand. In the first quarter its revenue was EUR 766.5 million, up 12% at constant exchange rates, with direct-to-consumer up 14%, wholesale up 3%, Asia up 22%, the Americas up 7% and EMEA down 1%. In the third quarter, the brand was down 1%, direct-to-consumer was down 2%, wholesale was up 2%, Asia was up 5%, the Americas up 2% and EMEA down 8%. Every line decelerated, and EMEA flipped from a small decline to a large one.

Stone Island followed the same shape on a smaller scale. Its first-quarter revenue was EUR 114.1 million, up 11%, with direct-to-consumer up 17%. By the third quarter the direct-to-consumer channel was up 2%.

Where Moncler lost ground

Moncler attributes the third-quarter dip to its own stores and website. Direct-to-consumer revenue fell 2% in the quarter at constant exchange rates, which the company blamed on "a challenging operating environment and continued subdued tourist flows, particularly in the EMEA region." Wholesale grew 2% in the quarter even as Moncler keeps trimming its distribution network.

The regional table shows the pattern. Over nine months, Asia (which Moncler defines as APAC, Japan and Korea) was EUR 822.7 million, up 15%, and 51.8% of the brand. In the third quarter Asia was still up 5%, and the company says every country there grew. EMEA was EUR 546.7 million for nine months, down 5%, and down 8% in the quarter. The Americas were EUR 219.8 million, up 5% over nine months and up 2% in the quarter, which the company says slowed mainly on lighter summer traffic.

The first-quarter statement had EMEA at minus 1%. A drop to minus 8% in one quarter is the sharpest deterioration in the table, and Moncler's own explanation is tourists: softer local demand and fewer visitors, "particularly from Asia."

Stone Island keeps going, with a caveat

Stone Island is the better story. Revenue in Asia was EUR 86.4 million for nine months, up 23% at constant exchange rates, and the Americas were EUR 21.5 million, up 26%, according to the company's tables. Its Q3 direct-to-consumer channel grew 2%, "despite slower traffic and the impact of lower markdown activity in the EMEA region."

The wholesale line needs a footnote. Stone Island wholesale rose 7% in Q3, which Moncler says was "supported by positive underlying growth, but also by a different timing of deliveries in Q3 vs. Q4 compared with last year." Some of that revenue may simply have been pulled forward from the fourth quarter. The nine-month number is cleaner than the quarter.

Stores and the Fifth Avenue flagship

On September 30, 2026, the Moncler brand operated 305 directly operated stores, up from 298 on June 30 and 295 at the end of 2025. Asia has 150 of them, EMEA 97 and the Americas 58. Wholesale mono-brand stores fell by one in the quarter to 43, and are down from 49 at year end.

Direct-to-consumer is 81.2% of Moncler brand revenue, EUR 1,290.8 million over nine months, up 6%. The company says the physical channel continued to outperform online. The quarter included the opening of the New York Fifth Avenue flagship and a Las Vegas store, plus an expansion of the Champs-Elysees store in Paris.

EMEA is also where Stone Island is most exposed. The brand made EUR 198.3 million there over nine months, about 65% of its total, and the region was stable over the period with growth coming from Asia and the Americas instead.

What management says

Executive Chairman Remo Ruffini did not promise a rebound. He wrote that "it is important to remain rigorous, grounded and, above all, focused on our brand strategy, guided by our long-term vision," and pointed to the Fifth Avenue flagship, the "Pioneers in Moncler" campaign and the new Stone Island flagship in Rome.

Moncler's statement contains no forecast for the fourth quarter. We are not making one either: this is a reporting piece on a filing, not a view on the shares. For readers following the sector, our luxury earnings calendar lists when the other houses report.

Our take

Read Moncler's third quarter as a tourist story rather than a brand story. Asia is still growing and the stores are still opening, but the brand that depends most on winter outerwear sold into a European season with fewer visitors. The thing to watch is the fourth quarter, which carries the heaviest weight of the year for a down-jacket house, and whether EMEA stops falling. The thing to skip is any headline that says only "up 6%."