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Brunello Cucinelli Q1 sales up 19.6 percent, reaffirms FY outlook

By Huw Hughes

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Business

Image: Brunello Cucinelli website

Luxury Italian label Brunello Cucinelli has reaffirmed its full-year guidance after reporting Q1 sales growth across all geographies.

The brand’s net revenue came in at 196.9 million dollars in the first quarter, a 19.6 percent increase compared to a year ago - or a 16.7 percent increase at constant exchange rates.

Breaking it down by region, the Americas posted the strongest growth, up 37.7 percent on a year ago, followed by Europe and Asia which were both up 14.5 percent.

Revenue in the brand's home market of Italy was up a more modest 2.8 percent.

Growth across channels

Sales in the retail channel increased by 36.4 percent, while sales in wholesale grew by 6.1 percent.

“This first quarter of 2022 ended with particularly positive results, and we feel that the brand is experiencing a very favourable momentum worldwide,” said the brand’s eponymous founder, creative director and chair.

Cucinelli added that there were “excellent spring sell-outs” and a “very important order intake” for the men's/women's FW22 collections.

Based on those factors, the company said it has reaffirmed its expectations of around 12 percent growth in 2022 and 10 percent growth in 2023.

Brunello Cucinelli said its estimate takes into account the impact of Russia’s invasion of Ukraine.

It expects the Russian market to account for around 4 percent of total sales in 2022, a significant reduction compared to the results for 2021 and 2020.

Brunello Cucinelli