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Brunello Cucinelli expects to close year with record sales up 28 percent

By Huw Hughes

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Management

Image: Brunello Cucinelli

Italian fashion house Brunello Cucinelli said it expects to enjoy a record year of sales after the strong results it shared in the first nine months of the year continued into October and November.

The brand is forecasting “wonderful growth” of 28 percent for the current year as demand for luxury products remains strong despite a backdrop of high inflation and broader economic uncertainty.

Commenting on the results in a statement, executive chair and creative director Brunello Cucinelli said: “Much has been harvested in this 2022, the year of full rebalancing for our Casa di Moda, thanks also to the serious, creative and manufacturing country to which we are honored to belong, as well as its Welfare state.

“During the past two pandemic years, we have not made anyone redundant: this has certainly enabled us to maintain our production and commercial structures in full efficiency, and has put us in a position to meet the needs of the world market where demand seems to exceed supply.

“Such are the extraordinary conditions that allow us to envisage a splendid end to the year, with an increase in turnover of around 28 percent.”

Strong reaction to SS23 collection

Cucinelli added that “a very important Spring Summer 2023 order intake, both quantitatively and qualitatively” leads the company to expect sales growth of around 12 percent next year, which would see it surpass the 1 billion euro mark for the first time.

It also expects “healthy” profit next year, though it didn’t provide figures.

Looking even further ahead at 2024, the brand expects sales growth of 10 percent.

Brunello Cucinelli revealed last month that it made sales of 642 million euros in the first nine months of the year, an increase of 23.2 percent at constant exchange rates, or 27.7 percent at current exchange rates.

It said it saw “excellent growth” across all channels and regions, “with sell-outs of a very high value for the FW22 collections”.

Breaking it down by geography, sales in the Americas were up 45 percent, in Asia were up 22.6 percent, in Europe were up 21.6 percent, and in Italy were up 10.2 percent.

Brunello Cucinelli