Brunello Cucinelli posts strong first quarter growth
Luxury brand Brunello Cucinelli has seen its first quarter net revenues climb by 16.7% at constant exchange rates to €196.9 million.
The company said it experienced strong growth in all geographical areas with sales in the Americas and Europe up 37.7% and 14.5% respectively and sales in Asia and Italy rising by a respective 14.5% and 2.8%.
While retail sales increased by 36.4%, wholesale growth was also strong with an uplift of 6.1%.
During the period, the company completed the acquisition of a 43% stake in its supplier Lanificio Cariaggi Cashmere.
Commenting on the quarter’s results, Brunello Cucinelli, executive chairman and creative director of the company, said: “This first quarter of 2022 ended with particularly positive results and we feel that the brand is experiencing a very favourable momentum worldwide. The excellent spring sell-outs and the very important order intake for the men’s/women’s fall-winter 2022 collections lead us to believe that we will deliver our idea of FY sales growth of around 12%.”
As of 31 March 2022, Brunello Cucinelli had 115 boutiques compared to 110 at the same point last year.
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