of this year goes beyond a strong revenue performance: it is the depth of the relationships that our brands continue to build with their communities around the world,” Remo Ruffini, executive chairman of Moncler Group, said.  The group posted consolidated revenues of €880.6 million for the quarter, up 12 per cent at constant exchange rates. Sales of Moncler and Stone Island were up 12 per cent and 11 per cent, respectively. “In a global context shaped by conflicts and instability, both Moncler and Stone Island have shown strong energy and cultural relevance,” he added. “This does not happen by chance. It reflects a clear mindset: valuing what makes each brand unique, while constantly evolving and pushing boundaries across products and experiences.” Hope in China  Anyone who has followed the Chinese market closely knows better than to declare the difficult state of luxury here resolved. Group CFO Luciano Santel, speaking to analysts after the results, was careful not to overstate the case. He said he was “not sure the problems in China are over”, citing ongoing pressures from real estate and household income. “We see more of a vibe than in the past. China and the Chinese cluster are performing very well for us,” he added and pointed to the group’s “very strong retail organisation in China” as a distinct competitive advantage.  As of the end of March, the company operated 146 directly owned stores in Asia. The DTC channel, which includes directly operated stores, online, and e-concessions, grew 14 per cent for the Moncler brand in Q1, and 17 per cent for Stone Island. In China specifically, physical retail continued to outperform digital. South Korea, meanwhile, keeps showing up as a steady performer with consistent growth, per the company.  Europe, on the other hand… Not every region shared in the momentum. The group’s EMEA revenues for the Moncler brand fell 1 per cent at constant currency in the first quarter. The explanation, repeated throughout the earnings commentary, was “subdued tourism flows” into the region and weak online performance. The region’s revenues for the Moncler brand dropped 1 per cent to €238.5 million.  According to the company, a significant share of European luxury retail revenues has historically depended on tourist spending by Chinese, Middle Eastern, and American visitors, who shop in Paris or Milan at prices that, before recent currency adjustments, were lower than in their home markets. Meanwhile, leadership changes signal a shift in focus. Bartolomeo Rongone has taken over as CEO, while founder Remo Ruffini steps back into a strategic role as executive chairman, with an emphasis on long-term brand direction.