Moncler's growth slows as Stone Island offsets stalled core brand

Moncler Group reported second-quarter sales growth of 5 percent, according to the Business of Fashion, with the Milan-based luxury house increasingly reliant on its subsidiary brands to sustain momentum. Stone Island's outperformance offset slower expansion at the Moncler brand itself, marking the clearest signal yet that the group's transformation away from its iconic winter jacket is reshaping its earnings mix.

The slowdown at Moncler's core business reflects the broader challenge facing European luxury houses as demand softens in key markets and the house competes against younger, faster-moving rivals. The Business of Fashion noted that the group's "most muted quarter" raises questions about whether Moncler can sustain its expansion strategy while the jacket—which built the brand over decades—loses primacy in the portfolio.