MILAN — On the heels of reporting strong 2025 financial results, Moncler Group’s shares on the Milan Stock Exchange rose throughout the day on Friday, and were up 12.30 percent to 56.44 euros by mid-afternoon.
In his report “Cold weather, hot results,” Thomas Chauvet at Citi said Moncler “again outperformed in the key fourth quarter, reaffirming its position as the leading winter luxury brand.” With a Buy rating, Chauvet expects consolidated 2026 sales to be up 5 percent at constant currency to 3.19 billion euros and stated Citi forecast “shares to react positively to the earnings beat, supportive trading commentary and the significant upward revisions to estimates — making Moncler the only luxury name this reporting season to receive meaningful upgrades.”
As reported, on Thursday Moncler Group said it closed 2025 with results well-above market expectations, and management was upbeat about prospects, seeing an acceleration in the fourth quarter last year and positive current trading.
Piral Dadhania at RBC Europe stated that “these results once again confirm Moncler’s ability to achieve solid revenue growth through peak trading and a return to modestly positive volume growth for Moncler brand is also welcome from our perspective. We may see modest positive consensus earnings revisions given the 5 percent earnings beat.”
Rating Moncler Sector Perform, Dadhania believes the company “remains a high quality luxury business brand with category-leading credentials in outerwear and apparel. Its execution track record is arguably sector leading, whilst its more recent focus on technical outerwear [Grenoble] should allow it to better participate in the growing outdoor sports segment at the luxury end of the market.”
Moncler Genius and Grenoble combined “are powerful engines of new customer recruitment and should enable broader brand appeal, in our view. Revenue growth at Moncler brand is supported by a combination of store expansion and consistent LFL delivery, whilst margin expansion potential is fairly limited given management’s preference for reinvestment.”
On the other hand, Dadhania stated that “the jury is still out on Stone Island‘s potential. We are perhaps less positive than the Street, as we struggle to see clearly defined brand positioning with authentic and long-dated heritage.”
However, “Stone Island smashed estimates,” said Jefferies’ James Grzinic in his report dubbed “An Olympic Effort,” likely a reference to the projects Moncler supported during the Milano Cortina 2026 Winter Olympics. “A decisively upbeat end to 2025 will be amply rewarded by investors, as Moncler’s management confirmed that an accelerating exit to [fourth quarter] carried into 2026 to date,” and he highlighted “a rather more confident tone relative to the [third-quarter] circumspection.”
Morgan Stanley underscored that the performance beat expectations across the group’s two brands, its geographic markets and distribution channels. With an upbeat take on the beginning of the year, “these results should appease the concerns of investors on the impact of competition on Moncler’s business in China.”
In the 12 months ended Dec. 31, the group’s consolidated revenues rose 1 percent to 3.13 billion euros compared with 3.1 billion euros in 2024. At constant currency they were up 3 percent.
In the fourth quarter, group revenues totaled 1.3 billion euros, up 7 percent at constant currency, compared with the same period of 2024.
During a call with analysts at the end of trading on Thursday, Remo Ruffini, group chairman and chief executive officer, underscored the strong acceleration in the last quarter of 2025, the net cash pile of 1.5 billion euros, and the quality of the performance achieved, “preserving our identity, clarity of strategy and creativity” while staying “grounded and flexible in a continuously volatile context.”
Ruffini concluded by saying that the group enters 2026 “with a well-established platform as well as a strong determination to continue shaping our future. Our ambition is clear: to keep strengthening our brands, investing in our organization and building enduring value over time.”
