Milan — Italian luxury brand Moncler is navigating the dual pressures of U.S. tariffs and a tepid sector recovery by implementing "very slight price increases" and potentially delaying new store openings planned for 2026. The company reported a 1% year-on-year dip in second-quarter sales to 396.6 million euros, missing analyst forecasts, as weak tourist spending offset resilient domestic demand in key markets like the U.S. and China.

To mitigate the initial impact of tariffs, Moncler enacted "mid-single-digit" price increases in the second half of 2025 and plans further, albeit more "conservative," hikes for the first half of 2026. However, executives emphasized caution. "Clearly, the pricing today for consumers is a concern. I think we need to pay even more attention on this," said Chief Business Strategy Officer Roberto Eggs, highlighting the delicate balance between covering rising costs and retaining customers.

Strategic Flexibility in an Uncertain Climate

The company is maintaining significant flexibility in its 2026 roadmap. Eggs noted that plans for roughly a dozen new store openings are not yet finalized and could be postponed "in case things will not get better," depending on the macroeconomic and luxury sector outlook. This cautious strategic pivot reflects the broader uncertainty plaguing high-end retailers, who are contending with volatile tourist flows, currency shifts, and geopolitical trade policies.

Moncler's performance was mixed geographically. The U.S., its second-largest market, saw a 5% sales increase, though it was unclear if this was due to tariff-related stockpiling. Asia sales were flat, and Europe declined by 8%, partly due to weak tourist spending and yen fluctuations affecting the Japanese market.

A Bellwether for the Luxury Sector's Cautious Maneuver

As a leading player in premium outerwear, Moncler's adjustments are a bellwether for the luxury industry's high-stakes navigation of current headwinds. The company's reliance on measured price increases and operational flexibility, rather than aggressive expansion, underscores a defensive strategic posture becoming common across the sector. How Moncler finalizes its pricing and retail plans in October will offer a crucial signal for the luxury competitive ecosystem's confidence heading into the new year.