Moncler's Growth Driver: Stone Island

Moncler Group's management described its Q2 2026 results as "Good, not great." That's because, under the impact of fewer tourists visiting Europe, the Q2 revenue growth rate of its core brand, Moncler, slowed to +3% at constant exchange rates.

But within the same set of results, one brand showed a different trend. Stone Island, the group's other pillar, maintained +11% revenue growth in both the first half and Q2, and its Americas revenue in particular rose +49% year over year in Q2.

Stone Island, which joined the Moncler Group at the end of 2020, is still far smaller than Moncler in terms of revenue within the group. But looking at recent results, now is a good time to examine whether its role is growing as the group's second brand, showing relatively faster growth.

The Difference Shown in the Results

The group's total revenue for the first half was €1,289.9 million, up +9% year over year at constant exchange rates. But breaking down the detailed metrics by brand reveals differences in the two brands' growth trends.

Moncler (84% of group revenue)
It posted first-half revenue of €1,089.6 million (+9%), but its Q2 growth rate at constant exchange rates slowed to +3%. In particular, EMEA (Europe, Middle East, and Africa) revenue fell -8% in Q2. The company cited lower tourist demand, led by Asian tourists, and weakness in online channels as the main factors.

Stone Island (16% of group revenue)
It posted first-half revenue of €200.3 million (+11%). It maintained +11% growth in Q2 as well, while the Americas grew +35% in the first half and +49% in Q2.

It's hard to explain the difference between the two brands by customer mix alone. However, given that Moncler was affected by shifts in European tourist demand while Stone Island posted relatively higher growth in the Americas and Asia, it's worth looking at the potential for different regions and customer bases to complement the group's performance.

Growth Emerging in the Market

Stone Island has 8 directly operated stores in the Americas, and its first-half revenue there was about €14.2 million, so the region still accounts for a small share of the total. That means it's hard to say North America has become a core market based on the +49% Q2 growth rate alone, but the fact that fast growth is emerging in a small market is a signal worth watching for future expansion potential.

Stone Island started out in European football casual culture and has broadened its recognition in the North American streetwear market through wear by hip-hop artists, athletes, and others. How much its clear brand codes, such as material research, functionality, and the compass patch, translate into actual North American demand remains to be confirmed through future results.

In distribution, too, unlike Moncler, which focuses on direct retail, Stone Island uses both direct retail and wholesale. With wholesale revenue also growing +5% in the first half even as the brand reorganizes its distribution network, its approach of using both directly operated stores and multi-brand store and wholesale partners in new markets is also worth noting.

Five Years After the Acquisition: The Value Stone Island Has Proven Within the Group

Five years after Moncler announced its acquisition of Stone Island for about €1.15 billion in December 2020, the results now show a clear division of roles between the two brands in numbers. While Moncler stalled due to lower European tourist demand, Stone Island, buoyed by a strong spring/summer (SS) collection and growth in the Americas and Asia, helped support the floor of the group's overall performance.

This trend shows that Stone Island is building a solid business structure. While overcoming seasonal limits through a diverse lineup that now includes overshirts, pants, and more beyond its traditional focus on winter outerwear, it is also absorbing consumer groups and regions different from the core Moncler brand, helping spread the group's macroeconomic risk.

Of course, at a group revenue split of 84 to 16, Moncler remains firmly at the center. Rather than Stone Island suddenly replacing the group's main engine, it's more accurate to see it as being in a stage of accelerating growth as a key pillar that complements different seasons and regions.

💡 Fashion Business Insights

Buyers: Widen your buying scope to include SS categories: Since the response to Stone Island's spring/summer collection was cited as a factor behind its results, rather than seeing the brand only through the lens of winter outerwear, you can also review the sales potential of spring/summer products such as overshirts, lightweight nylon, and woven tops. With the brand reorganizing its wholesale network, consistently tracking actual sell-through can also serve as reference material when discussing future trading terms.

Marketers: Look at how fan bases form in each region: Unlike consumption affected by external conditions such as tourist demand, customers interested in a brand's history, materials, and design codes are more likely to lead to longer-term relationships. Looking at which consumer groups Stone Island is securing in each region is worth referencing when thinking about brand community strategy.

MD and merchandise planning: Use the North American market as a leading indicator: It's hard to conclude that Stone Island's growth in North America will carry over directly to the Korean market. However, when planning techwear and sporty luxury products, observing North American sales, search, and retail response together can serve as a reference indicator for gauging future demand.

💡 EDITORIAL SMALL TALK

Moncler Broadening into a Multi-Brand Group
The Moncler Group has recently been making changes to its governance, including adding Sidney Toledano, former CEO of LVMH Fashion Group, to its board. It's hard to say for certain that this is the result of a specific strategy, but it can be seen as part of the process of reorganizing as a group that runs two different brands, Moncler and Stone Island.