Brunello Cucinelli records strong Q1, plans 15% growth for 2023
Net revenues at Brunello Cucinelli of 265.3 million euros, increased 34.7 per cent at current exchange and 32.8 per cent at constant exchange rates in the first quarter of 2023.
After the strong first quarter, the company forecasts an overall growth of around 15 per cent in 2023 and continues to envisage very concrete sales growth in the region of 10 per cent for 2024.
Commenting on the company’s trading results, Executive Chairman and Creative Director of the fashion house, Brunello Cucinelli said, “The first quarter of this year closed with excellent results. There is no doubt that we are reaping the fruits of the positive period that our brand is experiencing for the style it represents and perhaps also for the way we share our ideas with all of our counterparts.
“The strongly positive response to our men’s and women’s autumn-winter 2023 collections and the flattering judgement expressed by our esteemed multi brand outlets and by international media, coupled with the beautiful atmosphere of our boutiques and our plans for major investments in advertising and events in stores and Case Cucinelli, lead us to envisage significant growth in revenues of about 15 per cent for the current year,” Cucinelli added.
The company recorded growth in all geographical areas with Americas increasing 42.9 per cent, Europe 15.8 per cent, and Asia 56 per cent. The company’s retail channel reported an increase of 63.7 per cent, while wholesale grew by 4.7 per cent.
The luxury fashion company also launched two fragrances “Brunello Cucinelli pour femme” and “Brunello Cucinelli pour homme” in collaboration with EuroItalia, an Italian firm specialised in the creation and distribution of luxury fragrances.
“Some years ago, on the passing of my very dear friend, a producer of aromatic essences, a beautiful soul, I dreamt that one day I would dedicate a new product to his memory. Today I’m making that dream come true, a dream I’ve never abandoned in all these years. I like to think that a fragrance, used in moderation, is like a caress: along with trust, it gives someone a vision of the world, in colour,” said Cucinelli.
The company also announced a new factory planned in Penne, Abruzzo, a place with a long tradition of high-quality Italian outerwear, which would employ a large number of highly skilled workers in the men’s tailoring sector.
The company said in a release that for the year 2023, “Neiman Marcus Fashion Award for distinguished service in the field of fashion” has been awarded to Brunello Cucinelli.
