Brunello Cucinelli raises full year sales estimates
Luxury fashion house Brunello Cucinelli has raised its full year revenue growth estimates from12% to 15% following “excellent” first quarter trading to date.
The company has also reported that net profit surged by 54.9% to €87.2 million in 2022 after net revenue increased by 29.1% to €919.7 million.
Brunello Cucinelli, executive chairman and creative director of the company, said: “The year 2022 was for our Casa di Moda a year that we define as one of high inspiration, of consistent growth, but above all of striking recognition of our brand for its identity in style, craftsmanship, exclusivity and in the way it presents itself with respect to creation.”
During the year, the company made some major investments amounting to €72.5 million and also spent €15.05 million on acquiring a 43%
stake in Lanificio Cariaggi Cashmere.
Looking ahead, Brunello Cucinelli said: “We are very pleased with this first part of 2023, with the sell-outs of the Spring Summer 2023
collections fully confirming the favourable feedback received during the collection presentations, from both multi-brand partners and the trade press.
“We also believe that our brand is having a great moment, also thanks to the very important awards it has received. In this first part of the year, we feel that there is still more demand than supply for luxury goods in the market.”
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