Exceptional growth for Brunello Cucinelli in 2023 so far
Revenue in the third quarter alone amounted to €274.4 million and was up by 21.1% at current exchange rates.
For the first nine months of the year, sales were up by 24.5% in the brand’s home market of Italy to €97.2 million and made up 11.9% of its total revenue. In the rest of Europe, revenues increased by 18.3% to €217.9 million and comprised 26.6% of the total.
In the Americas, turnover totalled €284.7 million and was up by 21.7% year-on-year and made up 34.8% of total sales. Finally, Asia was up by 49.7% to €218.6 million with 26.7% of sales.
Retail sales made up 62.4% of total sales for the nine-month period and saw growth of 34.6% year-on-year to €510.7 million. Meanwhile, wholesale achieved growth of 17.1% to €307.7 million and totalled 37.6% of sales.
Looking forward, Brunello Cucinelli expects revenue growth to end at between 20-22% for the full 2023 fiscal year, increasing from its previous estimate of 19%.
Executive Chairman and Creative Director Brunello Cucinelli said: “In the first nine months of this particularly good year, we have achieved significant growth in sales and image; given the high quality of sales, we envisage a nice, healthy profit as a result. We see there is a robust demand for high-quality, handcrafted garments that epitomise an idea of ‘quiet, precious luxury’ that reflects our personality.”
Credit: Brunello Cucinelli
Credit: Brunello Cucinelli
Credit: Brunello Cucinelli