Asia, including Japan, now drives over half of Moncler's business as Europe's tourist spending softens

Moncler Group's consolidated revenues reached €1,289.9m in the first half of 2026, up 9% at constant exchange rates (5% at reported rates) from €1,225.7m a year earlier, the company said in its half-year report published 22 July — the first results announced under new group chief executive Bartolomeo Rongone. The growth was driven overwhelmingly by Asia, even as Europe's tourist-dependent stores lost ground.

The Moncler brand itself, which still accounts for 84.5% of group revenue, brought in €1,089.6m in the half, up 9% cFX. Within that, Asia — the region Moncler defines as including Japan, Korea and the rest of Asia-Pacific — grew 19% at constant currency to €592.9m, the company said, and for the first time makes up more than half the brand's business: 54.4% of Moncler-brand revenue, up from 50.6% a year earlier. EMEA, by contrast, fell 4% cFX to €349.7m; Moncler attributed the region's second-quarter softness specifically to weaker tourist flows, notably from Asian visitors, and a weak online channel. The Americas grew a comparatively modest 6% cFX to €147.0m.

Stone Island, the group's smaller brand at 15.5% of revenue, showed the same regional lean but a different order: its Asia sales rose 25% cFX to €60.4m, faster growth than Moncler brand's own Asia figure, though not in fact Stone Island's own fastest region — its Americas business, still small in absolute terms, grew 35% cFX to €14.2m. Group EBIT rose to €245.4m, a margin of 19.0% against 18.3% a year earlier, and net profit reached €164.7m, Moncler said.

A leadership change settles in

The half-year also marks Rongone's first reporting period since joining Moncler as group chief executive on 1 April, a move first announced in January; founder Remo Ruffini remains executive chairman, retaining oversight of the group's creative direction. Two board departures were disclosed as events after the period closed: Alexandre Arnault, a non-executive director, resigned citing professional commitments, and Geoffroy van Raemdonck, an independent director, stepped down to continue as chief executive of Exemplar Luxury Group (formerly Saks Global). The board co-opted Sidney Toledano — the former chairman and chief executive of LVMH's Fashion Group — to fill Arnault's seat; both departures were described by the company as routine governance matters.

"The operating environment remains complex and hard to predict," Ruffini said in the company's statement.

The shift in Moncler's geography is arithmetic as much as narrative: a region compounding at 19% a year will keep pulling the group's centre of gravity toward Asia even without any single blockbuster season, while Europe's own recovery depends on tourist footfall the company itself says has weakened. That leaves Moncler more exposed than several of its European luxury peers to how Chinese and other Asian demand holds up through the second half — and, with Japan folded into a single regional figure rather than broken out on its own, floortok will be watching for any sign the group starts reporting the market separately as its weight in the mix keeps growing.