From €50 Million to €3.13 Billion: Ruffini Maps Moncler's Next Reset

Moncler Group posted revenues of 3.13 billion euros in 2025, up from roughly 50 million euros when Remo Ruffini took control in 2003 — a sixtyfold expansion achieved with 8,000 employees worldwide and, as of April, a new group chief executive to run it.

Ruffini handed the CEO role to Leo Rongone in April, keeping creative direction and the executive chairmanship for himself. He called the succession decision a matter of the company having reached maturity. Within "a company of this size," he said, the split lets him concentrate on product, creativity, marketing and retail.

The group's Moncler brand alone generated 2.72 billion euros last year, excluding Stone Island. The core collection accounts for around 80 percent of sales. Moncler Grenoble, the performance line revived as a high-end proposition since February 2024, now represents a double-digit percentage of sales and is the fastest-growing brand in the group.

What does the retail expansion change?

The clearest near-term commitment is the United States. Moncler opened a two-floor, 23,000-square-foot flagship in Manhattan in September, in the former FAO Schwarz space between Fifth and Madison avenues. The restructuring took three years, with interiors by Gilles & Boissier, Ruffini's go-to design studio.

"The U.S. market is increasingly important for luxury, it joins together different cultures, and there is a strong energy," Ruffini said. "The macro situation may be more confused, but I look at Moncler and there is no room [not] to grow."

He does not view the flagship as a threat to wholesale accounts. "We still believe in wholesale, and I don't think there is any cannibalization with the opening of the flagship. The customers are different," he said, noting that the US wholesale picture "has improved."

How did the repositioning pay for itself?

Ruffini has been explicit that the move from sportswear into luxury was a margin decision as much as an aesthetic one. "I felt Moncler needed to clear out of the sportswear category and the all-wholesale distribution and enter into the fashion and luxury world," he said, admitting that higher margins were a draw and that he wanted distance from discounting.

The vehicle was designer collaboration: Junya Watanabe from fall 2004, Balenciaga under Nicolas Ghesquière a year later, then Gamme Rouge with Giambattista Valli in 2006 and Gamme Bleu with Thom Browne in 2009, with shows in Paris and Milan until 2017. Moncler Genius followed in February 2018 as a drop-and-capsule model involving designers from Pierpaolo Piccioli and Simone Rocha to Jonathan Anderson and Craig Green.

The next Genius step is undecided. After the Shanghai event of October 2024, with Jil Sander and Willow Smith collaborations, Ruffini said: "It's in my head, but I don't have a project or a precise date, I have to understand its maturity."

What comes next on the calendar?

Product-wise, the brand launched Moncler Re/Icons earlier this month, reinterpreting the Karakorum, Verone, Himalaya and Tibb jackets — a program first introduced in 2023 — now extended with a full ready-to-wear collection and a campaign fronted by Cher, Grace Jones and Jennie.

Grenoble, after its Aspen event, stages its next show in Switzerland's Engadin Valley on February 6. Ruffini is still finalizing the format. "I want to create a fairy tale, and I want it to be different from the previous events. I start from an idea, never the location," he said.

The corporate backdrop remains the Milan listing of 2013, which exited private equity backers Eurazeo, The Carlyle Group and Progressio Investimenti. Ruffini's verdict on public ownership: it forced discipline. "It has helped us to be very organized and structured in all areas," he said. The market will judge whether the Rongone structure proves equally organizing.