MILAN — The release of Moncler Group’s first-half results coincided with chief executive officer Leo Rongone’s first official remarks, and the disclosure of board changes.
The group on Wednesday said Alexandre Arnault tendered his resignation from the board “due to professional commitments,” as did Geoffroy van Raemdonck “due to professional reasons connected with his decision to continue serving on a long-term basis as CEO of Exemplar Luxury Group (formerly Saks Global).” Arnault, deputy CEO of the Moët Hennessy wines and spirits division at LVMH Moët Hennessy Louis Vuitton, was appointed to the board last year.
Sidney Toledano was named new director of the company and will remain in office until the date of the next shareholders’ meeting. Since 2024, he has served as special adviser to Bernard Arnault, chairman and CEO of LVMH.
Rongone addressed the analysts in his first call since taking on the role of group CEO on April 1, joining from Bottega Veneta, saying that the initial months “have been critical to gain a deep understanding of the group, to shape my perspective, and to identify where we can continue to evolve and where we will focus our energy from now on.”
He expressed his admiration for Moncler and for Remo Ruffini, who passed the baton to Rongone to become executive chairman, and his team over the years, and “now experiencing the company from the inside, my admiration has increased even more.”
He touted a “remarkable” group: “an organization that perfectly combines outstanding creativity with strong operational discipline. You all know this is a rare balance, and — to me — one of the key reasons behind the enduring success of the group,” and said he was “impressed by the uncompromising commitment to product excellence.”
At the same time, the group’s storytelling is also a key element, he continued.
“In an industry that is becoming ever more crowded and noisy, our communication is authentic and engaging. We are able to make our voice heard, to build genuine and lasting connections with our communities. This unique capability is a real competitive advantage.”
He mapped out strategic priorities and opportunities, such as “building relevance in regions where we have great potential; cultivating a dialogue with our customers across all seasons, and unlocking the full potential of our three brand dimensions” — Moncler Collection, Grenoble and Genius — innovating materials and extending beyond the core outerwear category.
Likewise, Rongone trumpeted the “exceptionally strong identity” of Stone Island, with “one of the most authentic and engaged communities in the luxury sector,” with very solid foundations. He aims to introduce the brand to a new generation of customers around the world, while deepening the relationship with its loyal base.
While not attending the call, Ruffini said in a statement that “in a global landscape defined by rapid and disruptive change, what makes our group resilient is not only how quickly we react, but how true we stay to who we are and how close we remain to the communities we speak to.”
Leo Rongone and Remo Ruffini
courtesy image
In the first six months ended June 30, group sales totaled 1.29 billion euros, up 5 percent compared with 1.22 billion euros in the same period last year. At constant exchange rates, revenues rose 9 percent.
Group net profit was up 7.3 percent to 164.7 million euros compared with 153.5 million euros in the first half last year.
Operating profit rose 9.1 percent to 245.4 million euros compared with 224.8 million euros.
The results were achieved across both Moncler and Stone Island “by staying focused on what matters most: our products, the creativity that defines our brands, and the collective energy we share with our audiences. At the same time, we continue to find new and more engaging ways to be relevant throughout the year, well beyond our core season,” continued Ruffini.
“The operating environment remains complex and hard to predict. These are moments that test our ability to be sharper and bolder, while remaining disciplined and grounded. It is with this same spirit, and with a clear sense of direction, that we approach the second half of the year and the opportunities ahead,” he concluded.
In the first half, sales of the Moncler brand gained 5 percent to 1.09 billion euros, driven by the direct-to-consumer channel, despite a weaker tourist flow in the Europe, Middle East and Africa region, said Luciano Santel, chief corporate and supply officer, during the call.
Stone Island revenues climbed 7 percent to 200 million euros, driven by continued solid double-digit growth of the direct-to-consumer channel, with the Americas and Asia outperforming.
Moncler Performance
At Moncler, revenues in Asia (which includes Asia-Pacific, Japan and Korea) rose 13 percent to 592.9 million euros, with China and Korea outperforming in the region, said Santel.
The EMEA area was down 4 percent to 349.7 million euros, mainly due to softer tourist flows, particularly from Asian customers, and a weak online performance.
Revenues in the Americas increased by 6 percent at constant exchange rates, but were down 1 percent at reported rates to 147 million euros, with DTC benefiting from robust local consumption. Moncler is gearing up to open its biggest store in the world in New York in September.
The DTC channel was up 6 percent to 933.2 million euros, with brick-and-mortar continuing to outperform the online channel. Like-for-like sales were up 7 percent.
The wholesale channel recorded revenues of 156.4 million euros, flat at current exchange, but up 3 percent at constant exchange rates.
As of June 30, there were 298 directly operated stores, a net increase of three units compared with the end of March 2026. Relevant activities included the opening of the Sydney Chatswood store in Australia and the relocation of the store in Geneva. The Moncler brand also operated 44 monobrand wholesale stores.
Both Santel and Gino Fisanotti, chief brand officer, were upbeat about the performance of the spring collection, following the investments in the season also with a dedicated campaign fronted by Jamie Dornan and backed by global activations. Santel said the collection fared very well in April and May. “We see more buy now and wear now across the markets,” he remarked.
A fragrance license with Interparfums, first signed in 2020, has been paused, said Fisanotti. “We are re-evaluating the next step. More to come,” he said, without adding details.
The Stone Island store inside Toronto’s Yorkdale Shopping Center.
Michael Muraz/Courtesy of Stone Island
Stone Island Performance
At Stone Island, sales in Asia rose 15 percent (or 25 percent at constant exchange) to 60.4 million euros, with all main countries delivering continued strong double-digit growth.
EMEA was up 2 percent to 125.8 million euros.
Revenues in the Americas climbed 28 percent to 14.1 million euros. In the second quarter, sales accelerated, up 49 percent at constant exchange, driven by strong double-digit growth in both the DTC and the wholesale channels. Santel touted the “very encouraging signs” in that market.
In the first half, the DTC channel was up 10 percent to 109.2 million euros.
The wholesale channel recorded revenues of 91.1 million euros, growing 4 percent and increasing sequentially, as the group continued its efforts to upgrade the quality of the distribution network.
As of June 30, there were 95 directly operated Stone Island stores, including the opening of a unit in Changsha, China. The Stone Island brand also operated 11 monobrand wholesale stores.
Group capital expenditure totaled 89.2 million euros, of which 55.1 million euros related to the distribution network, compared with a total of 82 million euros in the first half last year.
As of June 30, the group’s net financial position stood at 1.11 billion euros compared with 980.8 million euros at the end of June last year, after the payment of a dividend of 374.1 million euros.
