Excluding Japan, the DTC business recorded growth across all regions, with North America and Latin America leading with double-digit increases.
Revenue in Asia Pacific increased by 14% year-on-year (+22% at constant exchange rates) to EUR 380.8 million, making it the Group’s largest market, with particularly outstanding performance in the Chinese Mainland and South Korea.
The Group forecasts that full-year 2026 revenue will grow by 10% at constant exchange rates.
The Group’s profitability improved in the second half of 2025.
Looking ahead, the Group will strengthen the Moncler brand’s comprehensive global development throughout the year and further deepen the heritage of the Stone Island brand, with product as the absolute core.
In fiscal year 2024, Caruso recorded revenue of EUR 37 million, down 7% year-on-year.
In the fourth quarter, the DTC channel achieved positive growth in South Korea, the Chinese Mainland, and Southeast Asia.
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