A general exterior view of the Moncler luxury fashion label store in Sloane Street, Knightsbridge on February 17, 2025 in London, United Kingdom.
John Keeble | Getty Images News | Getty Images
Italian luxury house Moncler said it’s currently relying on “very slight price increases” to offset the initial impact of U.S. tariffs, but warned that broader economic weakness could cause it to delay its new store openings next year.
The Milan-headquartered retailer said Wednesday that it had raised prices by “mid-single-digit” percentages for the second half of 2025 and will raise them for the first half of next year, while adding that it was awaiting further clarity on U.S. levies before setting out its full strategy for 2026.
“We normally finalize our pricing strategy for the full Winter 2026 by October, more or less. So it’s still early,” Luciano Santel, group chief corporate and supply officer, said during an earnings call accompanying its second-quarter results.
Shares of Moncler were down 4% by 2 p.m. London time (9 a.m. E.T.).
Chief Business Strategy and Global Market Officer Roberto Eggs said he intended for those further price rises to be “more conservative,” as the firm seeks to reconcile higher input costs with customer retention, but noted that it was also dependent on macro trends and currency movements.
“Clearly, the pricing today for consumers is a concern. I think we need to pay even more attention on this,” he said.
Eggs also noted that the business would remain flexible on its plans for a dozen or so new store openings etched for 2026, based on the macro outlook and wider recovery of the beleaguered luxury sector.
“For the plan 2025, it’s already there. Regarding 2026, the plan is not completely finalized, so we have some flexibility, … in case things will not get better, to postpone some of the openings,” he said, adding that those plans would also be set by October.
Moncler on Wednesday posted a dip in second-quarter sales after the market close, as weak tourist flows weighed on otherwise robust domestic demand in the key U.S. and China markets.
Group revenues fell 1% year-on-year at constant exchange rates to 396.6 million euros ($536.7 million) in the three months to June 30, below the 427.2 million forecast by analysts in an LSEG poll.
The U.S., which accounts for 14% of Moncler brand sales, recorded a 5% sales uptick in the quarter, but the company said it was unclear whether that was driven by shoppers accelerating purchases ahead of the ramping up of tariffs.
“To tell you that if this was driven by an anticipation of buying links to the tariffs? Honestly, I cannot tell you,” Eggs said, noting other initiatives, such as a partnership with luxury department store Nordstom, which helped boost demand.
Sales in Asia, the group’s largest market, were flat on the quarter, while in Europe, the Middle East and Africa they declined 8%. The company attributed it to a rebalancing of the Japanese yen, with Japan the only Asian country to record negative sales growth, as well as soft tourist spending in Europe.