I asked this here recently (when I bought mine) and was told that it rhymed with drone (as opposed to sounding more like Madonna). I then assumed it was French rather than Italian. I just googled both options, and the word comes up in both. Plenty of places with names like Serre de la Madone in France (Madone is French for Madonna), and also a town called Madone in Lombardy Italy. So it looks like either pronunciation would be correct--though lord knows what Trek was thinking with that name.
ETA: never mind--alpine rabbit hit it with that video. It really does rhyme with drone, so it's the French pronunciation.



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