Brunello Cucinelli raises outlook after strong nine month trading

For the first nine months, revenues at Brunello Cucinelli amounted to 818.4 million euros, growth of 27.5 percent at current exchange and 28.8 percent at constant exchange.

Based on the result of the first nine months of the year, the very positive response to the collections, and the focus on the high-quality, handcrafted ready-to-wear offer, the company predicts a growth between 20 percent and 22 percent for 2023, compared to the previous estimate of 19 percent.

Commenting on current trading and outlook, Brunello Cucinelli, executive chairman and creative director of the company said: We have chosen to raise our year-end sales growth estimates from 19 percent to an increase of between 20 percent and 22 percent. Furthermore, given the excellent sellout rate of the fall-winter 2023 season and the exceptional order intake for the spring-summer 2024 one, we are very confident in our balanced growth project for 2024, which we have estimated at around 10 percent.

Cucinelli posts revenue growth across geographies

The company’s Europe revenues of 217.9 million euros, increased 18.3 percent, with a noteworthy increase above double digits in the third quarter. Revenues in Italy of 97.2 million euros, were up 24.5 percent. Americas turnover of 284.7 million euros, rose 21.7 percent.

In the retail channel, sales grew in all the company-owned boutiques and geographical areas.

Asia revenues of 218.6 million euros, were up 49.7 percent, accounting for 26.7 percent of sales. The growth in all Asian markets was very significant, with China now accounting for about half of the total business in the region.

Retail channel sales of 510.7 million euros, were up 34.6 percent with a positive increase in like-for-like sales. The company operated a network of 124 boutiques as at September 30, 2023.

Wholesale channel revenues of 307.7 million euros, were up 17.1 percent over last year.