Brunello Cucinelli expects to cross one billion euros revenue mark in 2023

According to the preliminary figures for the year 2022, Brunello Cucinelli S.p.A. reported net revenues of 919.5 million euros, representing growth 29.1 percent at current exchange and 24.8 percent at constant exchange compared with 2021.

Commenting on the preliminary results, Brunello Cucinelli, executive chairman and creative director of the Casa di Moda said: “2022 was undoubtedly our breakthrough year, because we achieved a turnover growth of 29 percent and at the same time the brand image was strongly consolidated worldwide.”

Brunello Cucinelli to cross one billion euros revenues in 2023 For 2023, the company forecasts revenue growth of around 12 percent, reaching an important milestone of 1 billion in sales, with a healthy profit.

In 2024, the company believes revenue growth of 10 percent to be reasonable, and think that it can achieve the doubling of revenues significantly in advance of the initial schedule of the 10-year plan that began in 2019, which had considered reaching this goal in 2028.

“The considerable orders in the portfolio of the spring-summer 2023 collection and the extraordinary start of the fall-winter 2023 sales campaign lead us to envisage an excellent year, with a forecast for a fine growth of around 12 percent and consequently the achievement of a relevant goal, namely one billion euros in turnover,” Cucinelli added.

Brunello Cucinelli’s sales performance across markets

The company’s sales in Italy of 102.6 million euros, were up 21.8 percent from 2021. The company said that the growth of direct stores throughout the year went well, and equally decisive was the contribution of multi-brand partners, who visibly could be seen to have returned to invest confidently in their businesses.

Europe excluding Italy saw revenues of 263.8 million euros, an increase of 20.4 percent over 2021, while sales in the Americas of 334.7 million euros, were up 40.5 percent from last year.

Revenues in Asia of 218.4 million euros, increased 28.1 percent from 2021.

Retail channel sales of 573.3 million euros, rose 36.6 percent from 2021, aided by like-for-like growth, with very good sell-out figures for both the spring summer and fall winter 2022 collections.

The number of retail boutiques reached 119 as of December 31, 2022, up from 114 last year, with the number of hard shops at 42, unchanged from December 31, 2021.

Wholesale channel sales amounted to 346.1 million euros, an increase of 18.4 percent over last year.