Strong 2025 results and an upbeat 2026 outlook position the luxury outerwear leader for continued momentum. Moncler Group closed 2025 with results that exceeded expectations and reinforced its dominance in winter luxury. Revenues rose 3% at constant currency, while fourth quarter growth accelerated sharply. Investors responded enthusiastically, sending shares soaring on renewed confidence in the group’s strategy and outlook.

A Year That Beat Expectations

Moncler Group, the parent company of Moncler and Stone Island, reported full year 2025 revenues of 3.1 billion euros, marking a 3% increase year on year at constant currency. The performance surpassed the company consensus forecast, which had anticipated only a 1% rise for the fiscal year.

By brand, Moncler generated 2.7 billion euros in revenue, up 3% compared with the previous year. Stone Island delivered 411.2 million euros in revenue, rising 4% and outperforming several market expectations.

In reported terms, consolidated revenues for the 12 months ended December 31st climbed 1% to 3.13 billion euros compared with 3.1 billion euros in 2024. At constant currency, the 3% increase underscored the company’s operational resilience in a fluctuating global market.

The fourth quarter proved especially decisive. Group revenues reached 1.3 billion euros in the final three months of 2025, up 7% at constant currency compared with the same period a year earlier. That acceleration helped cement what executives described as the company’s “biggest year yet.”

Investor Confidence Returns

Markets reacted swiftly to the earnings beat. Shares in Moncler Group rose sharply on the Milan Stock Exchange following the announcement. By mid afternoon on Friday, the stock had climbed 12.30% to 56.44 euros and ultimately closed up 13.41% at 57 euros.

Analysts were quick to revise their outlooks. Thomas Chauvet at Citi, in a note titled “Cold weather, hot results,” said Moncler had once again outperformed in the critical fourth quarter, reinforcing its position as a leading winter luxury brand. With a Buy rating, he projected consolidated 2026 sales to rise 5% at constant currency to 3.19 billion euros. He also noted that Moncler stood out as the only luxury name in the current reporting season to receive meaningful upward revisions.

Piral Dadhania at RBC Europe highlighted the return to modestly positive volume growth for the Moncler brand and suggested that consensus earnings estimates could edge higher following the 5% earnings beat. While maintaining a Sector Perform rating, Dadhania described the company as a high quality luxury business with category leading credentials in outerwear and apparel.

Jefferies analyst James Grzinic, in a report titled “An Olympic Effort,” pointed to the decisively upbeat end to 2025 and the confident tone of management entering 2026. Morgan Stanley emphasized that the company’s performance exceeded expectations across both brands, regions and distribution channels, easing investor concerns about competitive pressures, particularly in China.

Fourth Quarter Acceleration Signals Momentum

A key theme throughout analyst commentary was the marked acceleration in the fourth quarter. After a more cautious tone earlier in the year, management reported that momentum strengthened meaningfully as 2025 drew to a close and carried into the early weeks of 2026.

During a call with analysts, chairman and chief executive officer Remo Ruffini underscored the quality of the group’s performance. He pointed to a net cash position of 1.5 billion euros, providing strategic flexibility in what he described as a continuously volatile context. Ruffini emphasized that the company preserved its identity, clarity of strategy and creativity while remaining grounded and agile.

That combination of brand strength and financial discipline appears central to investor confidence. The ability to accelerate growth in peak trading periods while maintaining pricing power and brand equity has become a defining characteristic of the group.

Brand Power: Moncler’s Expanding Appeal

The Moncler brand remains the primary revenue driver and continues to benefit from a mix of store expansion and consistent like for like performance. Analysts note that initiatives such as Moncler Genius and the technical focused Grenoble line have broadened the brand’s appeal and attracted new customer segments.

The company’s increasing emphasis on technical outerwear positions it well within the growing outdoor sports segment at the luxury end of the market. This strategy aligns performance innovation with high fashion credibility, a balance that few competitors have mastered as effectively.

RBC’s Dadhania suggested that while revenue growth remains solid, margin expansion may be more limited in the near term due to management’s preference for reinvestment. Continued spending on creativity, marketing, retail experiences and organizational capabilities reflects a long term orientation rather than a short term margin maximization strategy.

Stone Island: Strong Results, Open Questions

Stone Island delivered a notable 4% revenue increase to 411.2 million euros and, according to some analysts, surpassed estimates decisively. Even so, questions linger regarding its long term brand positioning.

Dadhania expressed a more cautious view than some of his peers, noting that the jury remains out on Stone Island’s potential and that its heritage and positioning may require further clarity. Nevertheless, the brand’s recent performance suggests underlying strength and the possibility of continued upside if management sharpens its narrative and expands global awareness.

The dual brand structure gives Moncler Group diversification within the premium outerwear and sportswear categories. If both labels sustain growth trajectories, the group’s overall resilience could strengthen further.

Looking Ahead to 2026

Management’s tone regarding 2026 has been notably confident. Analysts expect consolidated sales to increase approximately 5% at constant currency, potentially reaching 3.19 billion euros. The acceleration seen at the end of 2025 has reportedly continued into the early part of the new year.

The group also benefits from a strong balance sheet, with 1.5 billion euros in net cash. That financial cushion supports continued investment in brand development, retail expansion and digital capabilities, while offering optionality for strategic initiatives.

Ruffini articulated a clear ambition for the year ahead. The group aims to keep strengthening its brands, invest in its organization and build enduring value over time. This forward looking stance resonates with investors seeking stability and growth within a luxury sector that has faced uneven demand in certain markets.

A Category Leader in a Competitive Landscape

Moncler’s 2025 performance reinforces its standing as a category leader in winter luxury. Its ability to combine creative storytelling, technical expertise and disciplined financial management has allowed it to outperform expectations during a challenging period for the broader industry.

The strong fourth quarter, positive start to 2026 and enthusiastic market response indicate that the company’s strategy is delivering tangible results. While macroeconomic uncertainties and competitive dynamics remain factors, Moncler Group enters the new year with momentum, capital strength and a clear strategic vision.

For investors and industry observers alike, 2025 may well be remembered as the year Moncler confirmed that focused brand stewardship and operational excellence can translate into both financial outperformance and renewed market confidence.

Written By: Lydia Kelly

Published: 24th February 2026