Moncler sales flat as warm weather, fewer tourists hit Europe

Moncler, the Italian luxury outerwear group, reported flat sales for the July to September 2026 quarter in results published this week, as warmer weather and fewer tourists in Europe held back demand. Group revenue for the third quarter was about €605.5 million, essentially unchanged from a year earlier at constant exchange rates. Sales of the Moncler brand fell 1% to €499.6 million, while its second label, Stone Island, grew 5%. Over the first nine months of the year, group revenue rose 6% to about €1.895 billion, with Asia remaining the main source of growth.

Moncler is a useful test of how the luxury fashion business is doing, and its own explanation shows how weather-sensitive its business is: a mild autumn in Europe can delay purchases that would normally start as the weather turns. The company's explanation for the flat quarter, warmer weather and fewer tourists, shows two pressures that many luxury brands face at once: climate patterns that blur the old fashion seasons, and travel flows that shift from year to year.

Tourist spending matters because many luxury purchases in Europe are made by visitors who shop while travelling. When fewer tourists arrive, or when they spend less, flagship stores in cities such as Milan and Paris feel it quickly. Moncler's own-store sales falling 2% in the quarter fits that pattern. The 8% drop in EMEA was the sharpest regional weakness.

The bright spots tell their own story. Stone Island, the group's second label, grew 5%, helped by its wholesale business, which sells through department stores and other retailers. And Asia continued to grow strongly over the year, a reminder that luxury brands are increasingly depending on Asian shoppers, both at home and abroad.

For readers who follow the business of fashion, Moncler's numbers add to a mixed picture across the industry this season, with some houses growing in leather goods and accessories while others report soft demand in clothing. For India, where Indian shoppers are among the travellers who buy luxury goods abroad, these shifts in tourist spending and regional demand are a sign of how global luxury companies are adjusting their bets.

Short-term: The October to December quarter, which includes the peak winter selling season and the holidays, becomes even more important for Moncler to make up for a flat third quarter. Investors will watch weather and tourist flows in Europe closely.

Long-term: If milder autumns become more common, outerwear-led brands may need to broaden their ranges, lean more on lighter collections and accessories, and rely further on growth in Asia and the Americas.

Who is affected: Moncler and Stone Island staff and shareholders; luxury retailers and department stores; workers in European tourist-shopping districts; and luxury shoppers in growing markets, including India.

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