No slowdown. Brunello Cucinelli is continuing on its growth path and seems to be unaffected by the current context, as it grows even in China. In the polarization of luxury, Cucinelli is a champion of the “plus” sign. In this circumstance, it means about +14.1% in the first half of the year. Meanwhile, the Arnault family is moving on. For Bernard and his five sons, the €1 billion maxi-dividend from Financière Agache is on the way.
Cucinelli +14.1%
Brunello Cucinelli reported a 14.1% increase at current exchange rates (+14.7% at constant exchange rates) in a preliminary revenue forecast for the first half of 2024, which came in at 620.7 million euros. The trend in July is in line with that of the first half of the year, the entrepreneur said, in response to an analyst’s question (source WWD). All corporate targets are confirmed, including revenue growth of 10% in 2025.
Together with sales, the company is investing to double production, in line with the doubling of revenues expected by 2030. Cucinelli plans to restore an industrial site in Solomeo. The work is expected to be completed by October and then guarantee production outputs until 2035. In 2024-2025, the company also plans to open new production sites in the towns of Penne and Gubbio. Regarding prices, Cucinelli is increasing them by between 1% and 2%, thus avoiding “unreasonable increases that even the wealthiest customers do not want to see”, the entrepreneur said.
1 billion for the Arnaults
Financière Agache, held by the Arnault family, owns 42% of LVMH through Christian Dior. In 2023 it reported a net profit of 2.55 billion euros (against 2.45 billion in 2022) that came largely from the results of Dior and LVMH. Of this profit, 1 billion was distributed between the head of the family and his five children. According to Corriere della Sera: it’s the richest dividend payment in 15 years, if not ever. After paying the billion, the rest of the profit went into the ordinary reserve of Financière Agache itself, which now has 15.5 billion euros in its safe.
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