Moncler业绩增长放缓，高端时尚定位难以打动消费者了？

Core Viewpoint - The high-end down jacket brand Moncler is experiencing a decline in sales and growth, raising concerns about its market position and future performance [3][4]. Group 1: Sales Performance - In 2023 and 2024, Moncler stores in major locations like Beijing and Chengdu reported sales exceeding 100 million, but this year, similar sales announcements have diminished [3]. - For the third quarter of 2025, Moncler Group reported a revenue of €1.841 billion, a 1% year-over-year decrease, with the Moncler brand contributing €1.553 billion, also down 1% [3][4]. - Revenue growth has stagnated, with fixed exchange rate calculations showing no increase compared to the previous year, which is perceived as a setback for Moncler [4]. Group 2: Market Position and Competition - Moncler's high-end market position is under pressure due to increasing competition in the luxury down jacket sector, with many new brands emerging [5]. - The brand has historically built its high-end image through scarcity and fashion, collaborating with various designers and brands beyond traditional luxury [5]. - However, the uniqueness of Moncler's offerings is diminishing as other brands also utilize high-quality down materials, making it challenging for Moncler to differentiate itself [5]. Group 3: Strategic Challenges - Moncler faces competition not only from other down jacket brands but also from outdoor brands that appeal to consumers seeking specialized gear [6]. - The brand's focus on fashion may alienate outdoor enthusiasts, who may not prioritize style over functionality [6]. - The dual pressure from both down jacket and outdoor brands complicates Moncler's ability to maintain significant revenue growth, prompting a need for strategic reassessment [6].