Moncler集团2025年前三季度综合收入18.413亿欧元，DTC渠道持续改善

Core Viewpoint - Moncler Group's revenue for the first three quarters of 2025 remained stable year-on-year at €1.8413 billion, with a slight decline of 1% when calculated at current exchange rates [1] Group Performance - The overall revenue of the Moncler brand was €1.5532 billion, showing no change year-on-year at constant exchange rates, while a 1% decline was noted at current exchange rates [1] - Direct-to-Consumer (DTC) channels showed slight improvement, remaining stable year-on-year at constant exchange rates, with strong performance in the Americas and China, while Europe, the Middle East, Africa, and Japan struggled due to a downturn in tourism [1] - The wholesale channel also saw a slight improvement, but due to the brand's ongoing efforts to enhance channel quality, this led to a 4% decline year-on-year at constant exchange rates [1] Brand Performance - Stone Island brand revenue reached €288.1 million, reflecting a 1% decline year-on-year at constant exchange rates, with a similar decline noted at current exchange rates [1] - The DTC channel for Stone Island accelerated with double-digit growth, achieving an 11% increase year-on-year at constant exchange rates, although adjustments in delivery schedules between the third and fourth quarters compared to the previous year led to a decline of 8% in the wholesale channel [1]