Brunello Cucinelli expects record FY revenue after strong H1

Luxury Italian label Brunello Cucinelli says it expects record annual revenue in its current year after reporting strong first-half sales and profit growth.

The brand’s net revenue came in at 415.4 million euros in the first half, a 32.4 percent increase from a year ago, or a 28.3 percent increase at constant exchange rates.

The company experienced growth across all markets, with the Americas up 52.6 percent, Asia up 27.2 percent, Europe up 20.7 percent, and its home market of Italy up 19.9 percent.

Breaking it down by channel, retail revenue was up 16 percent while wholesale revenue was up 16 percent.

Surging profit

Net profit in the first half more than doubled to 50.6 million euros from 21.9 million euros a year earlier.

Executive chair and creative director Brunello Cucinelli hailed “excellent results” and said the company now expects a “record” year with revenue growth of around 15 percent year-over-year, or 35 percent compared to pre-Covid 2019 levels.

Cucinelli said: “During the pandemic, companies in our country, thanks to national social safety nets and wise and humanistic entrepreneurial choices, have generally managed not to lay off their staff and thus preserve the production and marketing of their products.

“Today, it seems to us that for certain products demand undoubtedly exceeds supply, which means that we Italians, great quality manufacturers, have become better at producing top-notch quality goods and consequently exporting them.

“There is no doubt that a strong dollar brings remarkable advantages to exports, and our sector will benefit therefrom.”