Italian luxury group Moncler Group's third quarter (Q3) revenue was flat at €605.5m ($680.8m) at constant exchange rates (cFX), with subdued tourist spending and weaker European demand impacting direct sales.

Revenue at the core Moncler brand slipped 1% to €499.6m in the three months to 30 September 2026.  

Sales in Europe, the Middle East and Africa (EMEA) fell 8%.

The company linked the European decline to weaker domestic demand and a continued fall in tourist arrivals, especially from Asia.

Moncler's global direct-to-consumer (DTC) channel contracted 2%. Wholesale grew 2%, while Asia gained 5% and the Americas 2%.

Stone Island brand partly offset the downturn in Moncler's core European retail operations. Its quarterly sales reached €105.9m, up 5%.

The brand's DTC division grew 2%, helped by double-digit growth in Asia and the Americas.

European sales were flat, which the company put down to reduced store footfall and a deliberate cut in markdown activity.

Stone Island wholesale revenue rose 7%, supported by underlying demand and shipments moving between Q3 and Q4.

Over the first nine months of 2026, group revenues increased 6%, or 3% at current exchange rates, to €1.89bn.

The Moncler brand contributed €1.58bn, up 6%, while Stone Island generated €306.2m, up 8%.

As of 30 September 2026, Moncler operated 305 directly operated stores, a net increase of seven from 30 June 2026, along with 43 mono-brand wholesale locations.

Stone Island had 94 directly operated stores and 11 wholesale sites.

Moncler executive chairman Remo Ruffini said: “In the third quarter, our industry continued to navigate an extremely complex environment. In times like these, it is important to remain rigorous, grounded and, above all, focused on our brand strategy, guided by our long-term vision.”