Moncler closes 2025 at +3%. Ruffini: 'We create value that lasts over time'
For the group, to which Moncler and Stone Island belong, revenues grew to 3.13 billion, with progress in all markets and channels
Although it was in the middle of the quiet period - 19 days to go until the board of directors meeting held yesterday - the words and tones used on 31 January by Remo Ruffini had conveyed satisfaction and cautious optimism for 2026, despite the slowdown in fashion and luxury and the many geopolitical unknowns. The occasion had been the fashion show of the Moncler Grenoble collection on the snows of Aspen, at an altitude of over 2 thousand metres and with hundreds of guests from all over the world. Yesterday, the numbers better explained Ruffini's mood in Colorado: 2025 ended with revenues of EUR 3.13 billion, up 3% at constant exchange rates and 1% at current exchange rates.
The performance of the group's two brands was slightly different: the revenues of Moncler rose by 3% to 2.72 billion, those of Stone Island by 4% to 411.2 million, and in the fourth quarter alone there was a real acceleration (+16%). In the October-December period, Moncler also raced, but 'only' by single digits (+6% overall sales, +7% direct channel).
The calmness shown at the end of January by Ruffini, the group's CEO and chairman, could, in retrospect, be described as Olympic: as soon as he returned from the United States, he celebrated the collaboration with Brazil for the uniforms of its athletes, which were among the most admired during the opening ceremony of the Games on 6 February. An exhibition was then inaugurated in Milan, which will remain open to the public until 28 February, dedicated to the evolution of the Grenoble line.
But let's go back to the numbers, because the profitability ratios were also solid and will allow the distribution of a €1.4 dividend: group EBIT (€913.4m) is actually in line with that of 2024 (€916.3m), and the same applies to the margin on revenue (29.2% compared to 29.5% in 2024). Consolidated gross profit was EUR 2.446bn, with a revenue margin of 78.1%, in line with 2024. The group's net profit figures were also positive: EUR 626.7 million in 2025, EUR 639.6 million in 2024, with a 20% and 20.6% margin on revenues, respectively. The net financial position also improved, which was 1.458 billion as at 31 December 2025, up from 1.308 billion recorded as at 31 December 2024 and after the payment of 353.2 million in dividends.
"2025 was a year that reminded me what is important: a clear strategic direction, precise execution and the ability to keep the bar straight, while maintaining the necessary flexibility in an always volatile scenario," commented Ruffini. "This approach allowed us to end the year with solid results, which saw Moncler and Stone Island grow in all channels and in the main markets in which we operate, despite a particularly challenging comparison base.
