Green arrows at the core brand and from direct-to-consumer pushed the top line to a 1% gain to €829,021,000 from €818,009,000 for the first quarter, with Moncler sales up 2% to €721.8 million. DTC improved 4% to €630.5 million in the face of macro headwinds while lapping double-digit gains in ‘24, but wholesale dipped 5% to €91.3 million. Brick-and-mortar led the DTC channel as e-commerce continues to see weakness, particularly in EMEA, though it did improve sequentially from Q4. Wholesale is still working through the network optimization plan.

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