Brunello Cucinelli’s confidence “in the luxury industry continues to be very high”. And on a good note. The group headed by the Umbrian entrepreneur in the first nine months of 2024 grew by 12.7% at constant exchange rates, reaching 920.2 million euro.
The result
Driving the results are the Americas and Asia, including China. In the third quarter (July-September), group revenue amounted to 300 million euro, +9.2% and slightly above consensus estimates of 298 million euros by Equita analysts (source: Reuters). Cucinelli seems sheltered from the market slowdown because it targets high-end consumers and has more limited exposure to China than its rivals.
Brunello Cucinelli’s confidence
“Sales in the Chinese market continue to be of great quality”, comments Cucinelli, citing to WWD the brand’s positioning, exclusive distribution, and appreciation for the highest craftsmanship. “We consider the growing results in the third quarter to be closely linked to a mix of relevant factors”. “The future of our industry does not depend entirely on China’s growth speed”, added CEO Luca Lisandroni. “There are enormous opportunities all over the world”. Cucinelli also confirmed expectations of sales growth around +10% for 2024 and beyond: “We see significant opportunities in the exclusive and true luxury market”.
Photo Imagoeconomica
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