Brunello Cucinelli revenues up 10 percent in H1

Luxury fashion label Brunello Cucinelli reported a 9,7 percent in crease in revenues to 219.8 million euros (184.4 million pounds) in the first six months of 2016. The Italian cashmere specialist released sales results ahead of publication of its complete results at the end of August.

Founder and Chairman and CEO Brunelli Cucinelli called the results ‘very, very positive’. “We feel there is a very strong demand high quality, very exclusive products in all markets, manufactured in our splendid Italy,” he said. He added that orders for the new Spring menswear collection were proceeding very well.

Growth in all markets

Sales in Italy increased 6,9 percent to 39.5 million euros, representing 18 procent of total sales. Sales were largely generated by tourism in the big cities and resorts.

In Europe, which represents 31 percent of total sales, sales were up 8.3 percent to 68.4 million euros. Meanwhile, sales in the North American market (34.8 percent of total sales) rose 9.7 percent to 76.4 million euros, thanks to growth in both the monobrand and multibrand retail channels, with luxury department stores reporting ‘significant growth trends’.

Greater China reported a growth of 15 percent to 13.7 million euros. The region represents 6.2 percent of total sales. The company said sales in Mainland China and Hong Kong were solid, ‘supported by local customers who are gradually evolving toward a sophisticated and contemporary ‘luxury ready-to-wear’ taste’. Growth was also driven by toursim in exclusive locations, the company said.

The Rest of the World registered a growth of more than 17 percent to 21.8 million euros, representing 9.9 percent of total sales.

The retail monobrand channel grew 17.4 percent thanks to the opening of five new stores in the first six months of the year. This channel represents 45.3 percent of total sales. Meanwhile, the wholesales monobrand channel increased 1.2 percent. The category is significantly smaller than retail, with only 10.1 percent of total sales. The multibrand channel witnessed growth of 4.8 percent, representing almost 45 percent of total sales.

The company had 122 boutiques at the end of June, seven more than during the same period last year. Openings included its first monobrand store in the Middle East, in Dubai’s Mall of the Emirates.

Image: Brunello Cucinelli website