After the highly disappointing data of lvmh this week, the data emerged from the quarterly reports of Italian luxury fashion houses Moncler e BRUNELLO CUCINELLI and the French Hermes, provide some relief to the luxury sector: we are starting to see signs of a post-pandemic normalization, especially with a greater presence of the Chinese customers, While the trade war of Trump is experienced with sufficient detachment. As the other luxury brand has also decided to do, Ferrari.
The comparison between the two Italians is inevitable, he says Gabriel Debach, eToro market analyst, on the accounts of Cucinelli and Moncler. “They compare two approaches: one narrative and counter-cyclical, the other industrial and defensive. Both hold up. But it is clear that, while cucinelli promises continuity in beauty, Moncler promises efficiency in control. Two strategies, two languages. In a market that today no longer asks for just growth: it asks for endurance.
Moncler: Revenues Better Than Expected Thanks to China and Japan
Moncler closed on first quarter of 2025 with slightly increasing revenues, supported by growth in direct channel both for the Moncler brand and for Stone Island. The group's consolidated revenues – as stated in a note – are equal to 829 million euros, up 1% at constant exchange rates, just above the 817 million of the consensus provided by the company. The Moncler brand saw a 2% increase to 721,8 million, driven by a +4% in the Direct-to-Consumer (DTC) distribution channel, the one most taken into consideration by analysts. Noteworthy is the result in China and Japan, especially if compared to what was communicated by the number one in the sector, LVMH. As regards thecurrent trend, the company reported that it had not observed significant changes in customer behavior compared to the trend in March. However, Rbc has filed its target price from 65 to 64 euros (sector perform rating).
Il title in Piazza Affari loses 1,38% this morning to 54,32 euros. The Ftse Mib loses 0,34%.
THEshareholders' meeting of the group, led since 2003 by Remo ruffini, chose the board for the three-year period 2025-2027, which will consist of 15 members with the addition of three seats assigned to Alexandre Arnault and Coty CEO Sue Nabi, proposed last month, confirming former tennis champion Maria Sharapova. The new board will remain in office until the shareholders' meeting called to approve the financial statements for the year ending December 31, 2027.
The meeting also approved the financial statements for the year ended 31 December 2024, which closed with revenues up 4% to 3,1 billion euros, and resolved the distribution of a dividend gross unit price of 1,30 euros per share for a total of 351.788.377 euros, "without prejudice to the actual number of shares entitled to payment to be determined on 20 May 2025". The coupon detachment date will be 19st May, with payment on May 21st.Finally, the assembly approved a new purchase plan and disposal of own shares, up to a maximum amount equal to 10% of the capital. As of April 16, 2025, Moncler held 3.237.238 treasury shares in its portfolio, equal to 1,2% of the capital.
Brunello Cucinelli: Trump's tariffs don't scare us
BRUNELLO CUCINELLI closed the first quarter with double-digit growth in revenues and confirmed its goal of closing the 2025 and 2026 with an increase in turnover of approximately 10%. The revenues of the first quarter amount to 341,5 million euros, with an increase of 10,5% at current exchange rates and 10% at constant exchange rates, according to a note. “The very high profile of our customers and the nature of our offer allow us to face these changes with serenity,” explains the Umbrian entrepreneur regarding the US duties. “We see great opportunities for our brand in the times to come.”
Il title in Piazza Affari quoted at 97,68 euros this morning with a rise of 0,33%
They contributed to the result in a synergic and almost homogeneous way all geographical areas (America + 10,3% Europe + 10,1% Asia +11,3%) and both distribution channels (retail +11,9%, wholesale +8,2%). “The first quarter of 2025 ended with excellent results in both the retail and wholesale channels, and we see great opportunities for our brand in the times to come,” says Brunello Cucinelli, executive chairman and creative director, in the note. “We would like to confirm our idea of closing 2025 with growth of around 10% and with a healthy and balanced level of profitability,” he adds. Also for 2026, the group confirms the forecast of a “graceful growth in turnover, also around +10%, accompanied by solid economic results.”
Hermes to offset tariffs with price increases
Hermes closed the first quarter of 2025 with revenue up 9% at 4,1 billion euros (+7% at constant exchange rates), with all geographical areas which have recorded an increase. In detail, the revenues in Asia excluding Japan rose 1% to 1,97 billion, while in Japan they increased 17% to 421 million euros. Sales in North and South America rose 11% to 695 million, when in Europe excluding France they rose 13% to 501 million and in France they recorded a +14% to 357 million, thanks above all to good tourist flows. In the rest of the world, including the Middle East, sales grew 14% to 185 million. The luxury group "will fully compensate" for the impact of the 10% American tariffs by increasing its sales prices in the United States "starting from the first
May and for all sectors,” said the group’s CFO, Eric Halgouet, who did not specify the size of this increase.
