The Moncler brand beat expectations amid a downbeat quarter for the luxury brand. Shares fell

Shares of Italian premium outerwear maker Moncler declined on Wednesday, April 22, despite quarterly reporting that exceeded revenue expectations, CNBC reported. The company's papers were falling by more than 3% during morning trading in Milan, but then reduced the rate of decline to about 1%.

Moncler, which owns the skiwear brand of the same name as well as fashion label Stone Island, posted revenue of €881 million ($1.04 billion) in constant currencies in the first quarter of 2026, up 12% year-over-year and exceeding the forecast of analysts surveyed by FactSet, who expected to see the figure for the first three months of 2026 at €827 million, CNBC reports.

Moncler's sales in Asia, which accounts for about half of the group's revenue, grew 22% year-on-year in the first quarter of 2026 (in constant currencies). In the Americas, the figure was up 7% quarter-on-quarter. At the same time, sales in EMEA (Europe, Middle East and Africa) were down 1% year-on-year. Moncler explained that the result was impacted by subdued tourist flows to the region and weak online sales.

"All countries in Asia showed growth in the [ended] quarter and improved momentum compared to the previous period, driven by positive contributions from both local shoppers and tourists, with China and South Korea outperforming the rest of the markets," Moncler said in the report. Similarly, sales of Stone Island products in Asia grew 25 percent in the quarter.

However, in March, Moncler admitted, the positive momentum began to fade. Nevertheless, in general, the results of the brand for the first quarter of 2026 exceeded analysts' forecasts, and also - strongly contrasted with a series of weak reports of the European luxury sector: LVMH, Kering and Hermès earlier disappointed investors on the background of weak sales in the Middle East due to the ongoing conflict for the seventh week, notes CNBC.

At the same time, the impact of the war with Iran on Moncler was less pronounced, and demand in Asia supported the company's results, the channel notes.

Earlier this year, Moncler announced that Bartolomeo Rongone would take over as CEO, moving from luxury brand Bottega Veneta, part of Kering. "With the arrival of Leo Rongone, our focus remains crystal clear," said Moncler chairman and major shareholder Remo Ruffini.

- Bernstein analyst Luca Solka said Moncler "significantly beat" expectations for the first quarter, but warned that the approaching seasonal lull could prompt investors to take profits. Over the past 12 months, Moncler shares are a gain of more than 5% and have added 3.7% since the beginning of the year.

- Jefferies analysts noted the "exceptionally strong dynamics" of the company's sales in the first quarter in China, which showed double-digit growth, and raised the target price of Moncler shares from €54 to €60 per piece, writes CNBC. This target implies growth of the company's securities by 4.2% relative to the last closing price.

- Barclays analyst Carole Maggio pointed to sustainability risks to Moncler's sales growth in China, noting that part of the dynamics could be due to the "100 Days of Activations" marketing campaign, which was organized from December 2025. The expert assessed that the brand's series of events, including events in Aspen and activities related to the Winter Olympics (held in Italy from February 6 to 22), supported demand from Chinese consumers. The advertising campaign also improved Moncler's sales mix by shifting toward higher-priced winter outerwear models from the Edit and Grenoble collections, Maggio pointed out. However, the key risk for the company remains seasonality, she added: there is still uncertainty whether customers will be able to maintain interest in the brand during the warmer months, the analyst said.

Out of 25 analysts who follow the company's stock, the majority - 14 recommend to buy Moncler securities, the remaining 11 advise to keep the shares in the portfolio. The average target on the securities assumes their growth of 6.6% relative to the last closing price.

This article was AI-translated and verified by a human editor