Wars and geopolitical tensions create concern for the public and thus disturb the market. Yet, the demand for beauty and quality keep up demand for high luxury goods high. Italy’s luxury segment expect a challenging, but not hostile 2024. Antonio De Matteis, CEO of Kiton and president of Pitti Immagine (which will soon open Pitti Uomo), expects a +4% to +5% year. While Brunello Cucinelli puts the spotlight on style after a successful 2023.
2024
Speaking with MFF, De Matteis (in photo on the left) says to be “optimistic” with regards to the health of Italy’s luxury segment because data from November and December 2023 (still being elaborated) is “encouraging”. “Pitti Uomo will be held after a very positive summer edition following the market (positive also thanks to the return of tourists) – he says with regards to the last semester while cautioning on the next period -. There is clearly uncertainty over the upcoming period, given the two ongoing wars. It’s challenging to make forecasts. I think the international context is filled with issues, but I believe the demand for quality common to many markets will lead us to increase sales by between 4% and 5% in 2024”.
Style is identity
Brunello Cucinelli group is one of the big fashion companies that, in 2023, continued to grow: the 4th quarter closed with a revenue of 321 million (+15.6%), equal to +23.9% for the year. “The initial sales for the Spring/Summer 24 collection lead us to think the first half of the year will be interesting – explains the founder (in photo on the right) – and makes our +10% growth forecast more concrete”. Cucinelli tells La Repubblica that the relevance of the brand depends on the capacity to represent people’s sentiments with different styles. That’s why he doesn’t want to discuss quiet luxury: “Luxury can’t be silenced… one does not dress to stay anonymous. We all want to appear at our best, and that’s what clothes are for. Dressing well has nothing to do with disappearing”.
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