Following two financial years characterised by inventory reduction and market stabilisation, signs of recovery are beginning to emerge amongst some of the best-known ski brands. One of the clearest signs comes from the Tecnica Group: its winter division, comprising Nordica, Tecnica and Blizzard, together with Moon Boot, grew by 23.6 per cent during the first half of 2026 and is heading into the second half of the financial year with a solid order book. This performance stands in stark contrast to the much more moderate growth of the group as a whole.
This figure stands out particularly against a backdrop of much more modest overall results. Tecnica Group recorded a turnover of 173.8 million euros between January and June, 1.3 per cent more than a year earlier. LOWA, which continues to account for a significant proportion of the business, saw a decline compared with the first half of 2025, which had been exceptionally buoyed by the clearance of outstanding orders from late 2024.
The picture is, therefore, quite clear: growth stems once again from winter.
The recovery had begun before the Milan-Cortina Games
Milan-Cortina 2026 has provided Tecnica Group with exceptional exposure. Although not an official sponsor of the Games, the group organised events and took customers and distributors to the competitions in which its athletes were taking part. And the results were quite favourable.
Dominik Paris won an Olympic bronze medal for Nordica in the downhill event in Bormio. Federico Tomasoni took silver in ski cross with Blizzard-Tecnica, and during the Paralympics, Johannes Aigner (also Blizzard-Tecnica) won three golds and a bronze. Medals bring recognition and, above all, technical validation. However, at I Love Ski, we believe it would be an overstatement to attribute the 23.6 per cent growth to them.
The change had already been underway. In 2024, Nordica and Blizzard-Tecnica had posted a single-digit decline. In 2025, the situation changed: the Alpine division (Nordica, Blizzard and Tecnica) became, alongside LOWA, one of the main drivers of growth for the Tecnica Group.
“This is the typical trajectory of an industry that has needed several financial years to work through the excess post-pandemic stock.”
Eurostat provides a good measure of that decline: the European Union produced 4.4 million pairs of skis and snowboards in 2024, 19 per cent fewer than the previous year.
The situation is now beginning to change. Mediobanca estimates the global market for ski equipment at around 1,800 million euros in 2025 and forecasts growth of around 4 per cent in 2026. Among the seven major manufacturers analysed, Tecnica Group accounts for 11.1 per cent of aggregate revenue and holds a particularly strong position in boots: according to Mediobanca, it is the world’s second-largest manufacturer, with a market share of approximately 22 per cent. In alpine skiing, it ranks fifth, with around 11 per cent.
The fact that Tecnica Group’s winter division is growing by 23.6 per cent in this context is therefore particularly significant.
Which of Técnica Group’s products is popular amongst skiers?
Although Tecnica Group does not publish sales figures by model, and we are therefore unable to state that specific skis or boots are directly responsible for the growth, we note that certain products better reflect the current positioning of its brands.
The Blizzard Black Pearl 88 is probably still the most obvious example.
It is not just a passing fad. It has been one of the leading models in the North American women’s market for years and is one of the best-selling women’s skis of all time.
The 2026/27 version retains the 88 mm waist, but combines the TrueBlend All Mountain core with a W.S.D. FluxForm construction comprising three women’s-specific Titanal elements. The aim is very clear: to maintain stability and grip on hard snow without making it a heavy ski or one intended exclusively for the piste. It is a product that makes perfect commercial sense: a single ski capable of covering a large part of the season.
At Nordica, we find that same philosophy in the Enforcer 94, which remains virtually unchanged for 2026/27. Its Energy 2 Ti Pulse Core construction combines a wooden core, elastomer and two layers of Titanal. It remains a powerful and demanding ski, but it sets the standard amongst the best high-performance all-mountain skis, particularly for those who want to maintain very solid performance on-piste.
But to attribute the market’s recovery solely to all-round skis would be an oversimplification, particularly from a European perspective.
The piste and the premium product continue to carry a lot of weight. Nordica has just won the Prowinter Award 2026 in the Alpine Ski Top Performance category with a ski we’re really looking forward to trying out: the new Dobermann Multigara Dept 2026/27, a ski featuring a dual-core design, two layers of Titanal and an integrated ski, plate and binding system clearly aimed at expert skiers.
We therefore conclude that there are two competing demands: increasingly versatile products and highly specialised products capable of justifying a premium positioning.
And the other great battle is at our feet
It is probably in boots that this evolution is most clearly evident.
Tecnica is launching a new generation of the Mach1 MV 130 for 2026/27. It retains the specifications of a performance boot (flex rating of 130 and a medium last of 100 mm), but introduces a new T-Drive system, a C.A.S. shell with Quick Instep, and a construction designed to improve foot entry, fit and customisation.
The concept is interesting because the Mach1 already enjoyed a strong reputation amongst expert skiers, given that the previous generation of the MV 130 is an excellent men’s boot. The evolution isn’t simply a matter of making it stiffer, but rather of seeking to maintain performance whilst improving the fit and the overall user experience.
Nordica is taking a different approach with the Speedmachine 3 130 BOA DD 2026/27, which replaces the four traditional buckles with two independent BOA systems to control the foot and cuff. The brand is aiming for a more uniform closure, greater heel retention and zonal fit. The dual BOA system featured in this Nordica ski boot allows you to turn the dial to tighten, pull to release, and turn to tighten – but also turn in the opposite direction to loosen (we love this).
This ‘new’ fastening system is precisely a trend we’ve already analysed on snow here at I Love Ski when we tested the Dual Dial system: innovation in ski boots is no longer solely about stiffness or power transfer, but also about how pressure is distributed, how the fit can be personalised, and how it enables skiers to maintain that performance throughout the day.
The Zanatta family reinforces its commitment to Tecnica Group
Tecnica Group ended 2025 with a turnover of 541.3 million euros, compared with 368 million when Italmobiliare acquired a stake in the company in 2017. 64 per cent of its revenue currently comes from Europe and 23 per cent from North America; ski equipment accounts for approximately 39 per cent of its business, whilst trekking and outdoor footwear account for a further 46 per cent.
And just as winter is gathering pace once again, the Zanatta family has decided to increase its stake in the company.
“Tecnica Group grew by diversifying beyond skiing; eight years on, it is winter that is boosting its profit and loss account.”
On 31 July, it reached an agreement to buy back a 9.09 per cent stake in Tecnica Group from Italmobiliare for around 50 million euros. Once the transaction has been completed (closing is scheduled before the end of the third quarter of 2026), the founding family’s stake will rise from 60 per cent to 69.09 per cent, whilst Italmobiliare will retain 30.91 per cent.
This does not mean that we are entering a new boom in ski equipment. Nor should the Tecnica Group’s 23.6 per cent increase be interpreted as proof that all the industry’s stock issues have disappeared, but here at I Love Ski we have spotted some interesting signs.
“After two years of talk of excess stock, promotions and cutbacks in production, the Tecnica Group’s winter brands are once again growing strongly”
and, perhaps most importantly, they are entering the second half of the financial year with a healthy order book.
And the best-positioned product no longer seems to need to be simply more radical or more high-tech. Black Pearl, Enforcer, Dobermann, Mach1 and Speedmachine each take a different approach, but they share one thing: a very clear proposition for the skier and enough technical merit to justify a premium price.
Perhaps that is precisely where the market is changing. We are not witnessing a return to compulsive spending on equipment in the wake of the pandemic, but rather a cycle that is likely to be more selective, in which skiers are willing to invest when they understand exactly what benefits they will gain in return.
For an industry that has been trying to reduce stock levels for several seasons, seeing orders rise again may be far more significant news than any new technology featured in a catalogue.
