Moncler: Feeling the heat(wave)

研报英文原文证据摘录

Moncler: Feeling the heat(wave)

Moncler 2Q brand retail +3% cFX

Moncler Group reported 2Q26 revenue of €409m, growing +3% yoy on

a reported basis and +5% on a cFX basis. This was inline with BofA

estimates, and 1ppt below consensus. Moncler brand revenues grew

+3% cFX across both retail & wholesale, implying that the DTC channel

missed expectations by 2-3%. The miss was driven by Europe (5-6ppt

below estimates) & Americas (2-3ppt below estimates). Stone Island

revenue of €86m in 2Q grew +11% cFX, which was 2-3ppt above BofA

and consensus estimates, but with retail +15% (2ppt below BofA).

Moncler brand 2Q26 revenue +3% cFX with retail also +3% cFX

Moncler published 2Q group revenues of €409m, which grew +5% YoY on a cFX basis.

This was inline with BofA expectations, but 1ppt below consensus forecasts. The

Moncler brand revenues grew by +3% organically in 2Q26, with the retail channel +3%

cFX yoy (3ppt below consensus & 2ppt below BofA) and the wholesale channel +3% cFX

as well (2ppt ahead of both BofA & consensus).

Exhibit 1: Moncler brand retail revenues grew +3% cFX in 2Q, Exhibit 2: On a 7yr CAGR basis this implies a 460bps acceleration vs

slowing 11ppt from 1Q26 1Q

Moncler Brand retail yoy revenue growth, Dec YE Moncler Brand retail 6y CAGR revenue growth, Dec YE

30.0% 16.0% 14.9% 26.0% 14.3%

13.7%

12.6%

20.0% 12.0%

10.3%

14.0%

8.9%

9.0%

10.0% 8.0% 7.0% 8.0%

4.0% 3.0%

0.0% 0.0%

0.0% 4.0%

-1.0%

-10.0% 0.0%

1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26

Source: Company data, BofA Global Research Estimates Source: BofA Global Research, company reports

BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH

Exhibit 3: Moncler Q2 26 Group sales grew +5% cFX, with Moncler brand retail +3%

Moncler Q2 26 Sales review

Beat / (miss) vs Beat / (miss) vs