MILAN — Brunello Cucinelli believes luxurious and exclusivity are alive and effectively.
“My confidence in luxurious continues to be very excessive,” stated Cucinelli, govt chairman and artistic director, as his namesake firm on Thursday reported a 12.4 p.c improve in revenues to 920.2 million euros for the primary 9 months of the 12 months, in contrast with 818.4 million euros in the identical interval final 12 months.
Within the third quarter, gross sales rose 9.2 p.c to 300 million euros.
“We see vital alternatives within the unique, true luxurious marketplace for our model, pushed by the appreciation for the model, exclusivity and craftsmanship embodied by our collections,” Cucinelli stated throughout a convention name on the finish of buying and selling in Milan, the place the corporate is publicly listed.
With chief govt officer Luca Lisandroni, Cucinelli underscored the “genuine relationship” developed with prospects, needed to face out within the section. “We will clearly really feel the real belief our purchasers place in our work.”
Lisandroni stated that rich prospects are keen to spend and that the Cucinelli model responds with its “authenticity and capability to interact them.”
Based mostly on the nine-month efficiency and the orders in place, Cucinelli confirmed expectations of 10 p.c gross sales progress in 2024, in addition to for 2025 and 2026, and a “barely bettering” working revenue for 2024 in contrast with 2023.
Balanced progress throughout markets and channels contributed to the rise in revenues within the 9 months ended Sept. 30.
Gross sales in Italy rose 13.5 p.c to 110.3 million euros, representing 11.9 p.c of the full.
Revenues in Europe excluding Italy amounted to 340.3 million euros, up 8 p.c and accounting for 37 p.c of the full, lifted by enterprise in principal cities, resorts places, native prospects and vacationers.
Gross sales within the Americas climbed 17.6 p.c to 334.7 million euros, representing 36.4 p.c of the full, optimistic in each channels.
“North America has at all times been a central geographical space for our model, with a really loyal clientele that confirms the will to purchase unique and distinctive clothes for his or her very prime quality and impeccable craftsmanship,” Cucinelli stated.
Revenues in Asia rose 12.2 p.c to 245.2 million euros, accounting for 26.6 p.c of the full, lifted by China, Japan, South Korea and the Center East. “Gross sales within the Chinese language market proceed to be of nice high quality, with rising outcomes additionally within the third quarter that we consider are carefully related with a mixture of extremely vital elements.
“Amongst these, we wish to spotlight the positioning of our model, the unique distribution throughout the nation, the appreciation for the ready-to-wear providing of the very best craftsmanship and handiwork, and the style of our collections, with the expectations and requests of native prospects in keeping with our sort of providing,” Cucinelli stated.
Lisandroni admitted there had been a slowdown in site visitors in Chinese language malls, however stated {that a} examine in regards to the progress of the corporate within the 2019-23 interval confirmed that the contribution of Chinese language prospects amounted to 10 p.c, whereas Individuals and Europeans represented 50 p.c and the Center East and South Korea 25 p.c of the full. “The way forward for our trade just isn’t completely depending on the velocity of China’s progress,” he stated, citing “monumental alternatives” around the globe, together with Thailand, Vietnam, Indonesia and Saudi Arabia, that are all accelerating.
Within the 9 months, retail gross sales had been up 13.3 p.c to 578.7 million euros, accounting for 62.9 p.c of the full.
As of Sept. 30, there have been 128 boutiques, together with a brand new flagship in Miami. In 2025, Cucinelli will open shops in Vancouver, at Macao’s 4 Seasons, in Abu Dhabi and can develop the Vienna and Geneve boutiques. It would additionally open a department in Mexico.
The wholesale channel registered revenues of 341.5 million euros, up 11 p.c on final 12 months. Cucinelli and Lisandroni expressed their confidence in multibrand shops, emphasizing their “inventive freedom” in presenting the collections and their “judgment” on the designs. “We work with 400 multibrands globally and we’re very optimistic about them.”
Cucinelli reported strong progress in digital gross sales, additionally linked to the brand new AI web site, launched in mid-July after three years of examine and work. On-line gross sales account for between 6.5 and seven p.c of gross sales.
