Moncler and Ermenegildo Zegna reported quarterly results this week that offered contrasting portraits of Italian luxury’s resilience. Moncler’s most muted quarter in recent memory met Zegna’s accelerating US expansion, suggesting that the two groups — bound by shared ownership and geography — are navigating the post-slowdown landscape from very different altitudes.
Zegna, by contrast, reported a 12 percent revenue jump to €510 million, powered by the opening of five new US flagships and the ramp-up of its Tom Ford Fashion license. The group’s US business grew 18 percent year-over-year, confirming that Zegna’s bet on American tailoring and casual-luxury separates is resonating with a demographic that has rediscovered the dressed-up wardrobe.
The divergent trajectories underscore a structural reality: Moncler’s growth depends on Chinese tourism flows and cold-weather geographies, while Zegna’s runway is increasingly American and year-round. Both groups have invested heavily in direct-to-consumer channels, with Moncler’s digital sales rising 9 percent and Zegna’s own retail network now contributing 68 percent of total revenue — insulating both from wholesale channel volatility.
Moncler posted a 4 percent revenue increase to roughly €820 million, its slowest quarterly growth since early 2024. The shortfall was concentrated in Asia, where Chinese consumer sentiment remains uneven, partially offset by sustained momentum in the US and Middle East. The brand’s outerwear heritage, while formidable, faces the perennial challenge of seasonality that smaller accessory categories have only partially mitigated.
