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Moncler Group’s first quarter sales rose 1 percent to €829 million ($943 million) up 1 percent year-on-year and just above analyst expectations.
Stone Island and Moncler brands’ DTC channels both grew, while wholesale revenues were down 5 percent for Moncler and 19 percent for Stone Island.
Revenue in Asia grew 6 percent, while EMEA and the Americas saw a respective decrease in sales of 1 and 2 percent.
“The beginning of the year was marked by ongoing macroeconomic and geopolitical complexities,” said Remo Ruffini, Moncler Group chairman.
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Moncler’s sluggish quarter comes as the luxury sector struggles to plot a path for growth this year amid rising global uncertainty and a dimmer outlook for the US economy. Last week, US President Donald Trump announced a 90-day pause on plans to levy steep tariffs on goods from the EU, but brands are still bracing for the impact of escalating tensions.
While the summer collection has already been shipped, “we haven’t decided what to do about the winter, since the situation is still very unclear,” said Luciano Santel, chief corporate officer.
“We are more worried about the current and future health of the American economy and consumer confidence than the tariffs themselves,” he added.
The group said it was not planning to transfer its manufacturing to the US to avoid tariffs. “We produce in Romania and Italy and are not planning on moving production,” Santel said.
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