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1. Company Snapshot

1.a. Company Description

Moncler S.p.A., together with its subsidiaries, designs, produces, and distributes clothing and related accessories for men, women, and children under the Moncler and Stone Island brand names.Its product portfolio includes footwear products; leather goods, such as bags, backpacks, and accessories; and sunglasses, eyeglasses, frames, and men's and women's ski goggles under the Moncler Lunettes brand.The company also offers perfume for men and women.


As of December 31, 2021, it operated 237 retail directly operated stores and 64 wholesale shop-in-shops.The company also sells its products through moncler.com, an online store.It serves in Italy, other European countries, Japan, the rest of Asia, and the Americas.


The company was formerly known as Moncler S.r.l. and changed its name to Moncler S.p.A. in October 2013.Moncler S.p.A. was founded in 1952 and is headquartered in Milan, Italy.

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1.b. Last Insights on MONC

Breaking News: Moncler S.p.A. reported strong 2025 financial results, with robust fourth-quarter growth that outperformed market expectations. The luxury fashion house saw a revival in Chinese consumers, which boosted its stock. The company provided an upbeat outlook for 2026, prompting gains across the luxury sector. Analysts and investors have rewarded the group with increased share value. Several analysts have maintained a positive stance, with some reiterating a buy recommendation, while others have a hold rating. Moncler's strong results for the crucial winter season have sent its stock soaring.

1.c. Company Highlights

2. Moncler Group's Strong 2025 Performance Driven by DTC Growth and Brand Experiences

Moncler Group reported revenues of EUR 3.13 billion for 2025, with a strong Q4 performance driven by Moncler DTC up 7% and Stone Island DTC up 16%. The EBIT margin was 29.2%, with a net cash position of EUR 1.5 billion. The actual EPS came out at 0.566, beating estimates at 0.4196. The company's financial performance was robust, with a strong Q4 acceleration towards the end of December, continuing into January and February.

Publication Date: Feb -22

📋 Highlights
  • Total Revenue:: EUR 3.13 billion in 2025, driven by strong Q4 performance, with Moncler DTC up 7% and Stone Island DTC up 16%.
  • EBIT Margin:: Maintained at 29.2%, supported by DTC growth and disciplined cost management, despite 30 bps dilution in Moncler retail.
  • Net Cash Position:: EUR 1.5 billion, reflecting robust liquidity and financial stability amid strategic investments and expansion.
  • Dividend Commitment:: Payout ratio exceeding 60% in 2025, with EUR 1.4 per share proposed, signaling confidence in sustained profitability.
  • China Growth:: Double-digit revenue growth in China (70% domestic, 30% international), with 15% inventory increase linked to raw material procurement.

Revenue Growth and Margin Performance

The company's revenue growth was driven by its brand experiences, such as "Warmer Together" and Grenoble, which contributed to its success. The EBIT margin was 29.2%, indicating a strong margin performance. The net cash position of EUR 1.5 billion provides a solid foundation for future growth.

Valuation Metrics

With a P/E Ratio of 25.26 and an EV/EBITDA of 13.67, the company's valuation appears to be reasonable, considering its strong financial performance. The Dividend Yield of 2.28% and Free Cash Flow Yield of 4.56% also indicate a relatively attractive return for investors.

Product Diversification and Sustainability Efforts

The company seems pleased with its progress in product diversification, having achieved significant growth across various categories and geographies. Its sustainability efforts were also highlighted, with strong results achieved in this area. The company's focus on product innovation, distribution, and marketing is expected to drive future growth.

Regional Performance and Outlook

All regions performed positively, with Asian countries and the U.S. showing strong growth. Korea had a good rebound after a slower Q3. The company expects a low single-digit price increase for both brands in 2026, around 3%. The wholesale business for Moncler is expected to stay stable, while Stone Island's wholesale is expected to improve.

Operational Highlights and Future Plans

The company opened several new stores, including in Seoul, Hainan Island, and the U.S., and plans to maintain a 6% CapEx incidence on revenue for 2026. The retail development of Moncler and Stone Island has changed significantly over the years, with a focus on improving productivity and store experience. The company will provide a refreshed wholesale guidance, but no details were given.

E-commerce and Digital Transformation

Moncler's e-commerce channel has been evolving, with a focus on product-centric experiences and educating customers. The company has seen a strong trend in organic traffic to its website and believes that online channels have great potential. The company is exploring the potential of AI in its e-commerce platform to enhance the online customer experience.

3. NewsRoom

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Stocks to Watch Friday: Opendoor, Live Nation, Newmont, Grail

Feb -20

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Moncler Slaloms Uphill As China Roars Back

Feb -20

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Moncler Group Shares Soar Following Strong 2025 Financial Results and Upbeat Outlook

Feb -20

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Moncler Group Shares Soar Following Strong 2025 Financial Results and Upbeat Outlook

Feb -20

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Stocks to Watch Friday: Opendoor, Live Nation, Newmont, Grail

Feb -20

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Stocks to Watch Friday: Opendoor, Live Nation, Newmont, Grail

Feb -20

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Earnings, Interest Rates Lift European Bourses Midday

Feb -20

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Moncler’s Shares Surge After Upbeat End to the Year

Feb -20

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.93%)

6. Segments

Moncler

Expected Growth: 9.0%

Moncler's 9.0% growth driven by strong brand recognition, increasing demand for luxury outerwear, expansion into new markets, and strategic partnerships. Effective omnichannel strategy and investments in e-commerce also contributed to growth. Additionally, the company's focus on sustainability and digital marketing helped to attract a younger demographic and increase brand loyalty.

Stone Island

Expected Growth: 8.5%

Stone Island's 8.5% growth is driven by its strong brand reputation, increasing popularity among younger generations, and successful expansion into new markets. The brand's focus on innovative and high-quality products, as well as its strategic marketing efforts, have also contributed to its growth. Additionally, Moncler's acquisition has brought in new resources and expertise, further fueling Stone Island's expansion.

7. Detailed Products

Down-filled Jackets

High-quality, insulated jackets filled with down feathers for exceptional warmth and lightweight comfort

Parkas

Water-resistant and insulated parkas designed for extreme cold weather conditions

Trench Coats

Water-resistant and breathable trench coats with a stylish, urban design

Knitwear

Luxurious, high-quality knitwear including sweaters, hats, and scarves

Accessories

Stylish and functional accessories including hats, scarves, gloves, and bags

Children's Wear

High-quality, stylish clothing for children, including jackets, coats, and accessories

8. Moncler S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Moncler S.p.A. operates in the luxury fashion industry, where substitutes are limited. However, the company faces competition from other luxury brands, which could be considered substitutes.

Bargaining Power Of Customers

Moncler S.p.A.'s customers have limited bargaining power due to the company's strong brand reputation and high-end product offerings.

Bargaining Power Of Suppliers

Moncler S.p.A. relies on a network of suppliers for raw materials and manufacturing. While the company has some bargaining power, suppliers also have some leverage due to the high-quality materials required for luxury products.

Threat Of New Entrants

The luxury fashion industry has high barriers to entry, making it difficult for new entrants to compete with established brands like Moncler S.p.A.

Intensity Of Rivalry

The luxury fashion industry is highly competitive, with many established brands competing for market share. Moncler S.p.A. faces intense rivalry from other luxury brands, which can impact its market share and pricing power.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 6.16%
Debt Cost 3.95%
Equity Weight 93.84%
Equity Cost 9.37%
WACC 9.03%
Leverage 6.56%

11. Quality Control: Moncler S.p.A. passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Van de Velde

A-Score: 6.9/10

Value: 5.6

Growth: 4.2

Quality: 7.9

Yield: 9.4

Momentum: 5.5

Volatility: 9.0

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Hugo Boss

A-Score: 5.9/10

Value: 7.4

Growth: 5.1

Quality: 6.1

Yield: 4.4

Momentum: 6.5

Volatility: 6.0

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Moncler

A-Score: 5.5/10

Value: 2.0

Growth: 7.4

Quality: 8.3

Yield: 3.1

Momentum: 6.5

Volatility: 5.3

1-Year Total Return ->

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Redrow

A-Score: 5.1/10

Value: 6.8

Growth: 5.2

Quality: 7.4

Yield: 4.4

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

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LPP

A-Score: 5.0/10

Value: 2.7

Growth: 8.0

Quality: 5.9

Yield: 5.6

Momentum: 4.0

Volatility: 3.7

1-Year Total Return ->

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Zegna

A-Score: 4.4/10

Value: 4.5

Growth: 5.6

Quality: 4.4

Yield: 2.5

Momentum: 7.0

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

57.0$

Current Price

57$

Potential

-0.00%

Expected Cash-Flows