Italian luxury fashion label Moncler is taking a cautious approach as it navigates the early effects of U.S. tariffs and a challenging global economy. The company said it’s implementing only “slight price increases” for now but may postpone several planned store openings next year if economic conditions worsen.

Headquartered in Milan, Moncler announced on Wednesday that prices were raised by a mid-single-digit percentage for the second half of 2025 and will rise again in early 2026. Executives emphasized that the company is still waiting for more clarity regarding U.S. tariffs before finalizing its full pricing and growth strategy for the upcoming year.

“We typically finalize our pricing strategy for the full Winter 2026 season around October, so it’s still early,” said Luciano Santel, Moncler’s Chief Corporate and Supply Officer, during the company’s second-quarter earnings call.

By early afternoon in London, Moncler shares had fallen about 4%, reflecting investor concerns over the outlook for luxury demand and rising costs.

Chief Business Strategy and Global Market Officer Roberto Eggs said that any additional price hikes in 2026 would likely be “more conservative,” as the brand seeks to balance higher production costs with customer loyalty. “Consumers are becoming increasingly sensitive to prices,” Eggs noted, adding that currency fluctuations and overall economic trends would continue to play a major role in the company’s pricing decisions.

Eggs also stated that Moncler would keep its expansion plans flexible, particularly regarding a dozen or so new stores initially scheduled to open in 2026. “The plan for 2025 is already confirmed,” he said. “As for 2026, the plan is not fully finalized, so we still have some flexibility. If market conditions don’t improve, we may postpone a few of the openings.” Final decisions on those locations are expected by October.

The company reported a slight decline in second-quarter sales, primarily due to weaker tourist spending despite solid domestic demand in the U.S. and China—two of its most important markets.

For the three months ending June 30, Moncler’s group revenues slipped 1% year-over-year at constant exchange rates to 396.6 million euros ($536.7 million), missing analysts’ expectations of 427.2 million euros, according to data from LSEG.

The U.S. market, which makes up roughly 14% of Moncler’s brand sales, saw a modest 5% increase during the quarter. However, company executives admitted it was uncertain whether this growth reflected genuine demand or early purchases ahead of expected tariff hikes. “To say whether this was caused by customers buying in advance because of the tariffs—I honestly can’t tell you,” said Eggs. He added that partnerships with retailers such as luxury department store Nordstrom likely contributed to the boost.

In Asia, Moncler’s largest regional market, quarterly sales were flat, while Europe, the Middle East, and Africa saw an 8% drop. The company attributed the regional weakness partly to currency shifts, particularly the yen’s rebalancing, with Japan being the only Asian market to record negative growth. Additionally, a slowdown in tourist spending across Europe weighed on overall results.

As Moncler moves into the final months of 2025, the company appears to be treading carefully—balancing selective price adjustments, cautious expansion, and a flexible strategy designed to withstand global uncertainty in the luxury fashion landscape.