Fear of purchases by the Chinese customers? No, not at all. Indeed, sales are growing there too. Brunello Cucinelli, despite the data that have worried other luxury groups, its upward trend continues also in first quarter this year after filing a growing 2003, despite being below consensus. The day after the presentation of the results for the beginning of the 2024 financial year lvmh, which opened the new quarterly season of the fashion & luxury sector with a certain slowdown, the Umbrian brand, known for its cashmere creations and listed on Euronext Milan, closed the first quarter of 2024 with net revenues equal to 309,1 million euros, up by +16,5% at current exchange rates (+17,9% at constant exchange rates) compared to the first quarter of 2023.
“The first quarter of this year closed with excellent sales results which well describe the favor that our collections and our lifestyle are garnering all over the world,” he commented BRUNELLO CUCINELLI, Executive President and Creative Director of the Fashion House. “The beautiful order intake on the autumn-winter 2024 collections, both men and women, and the strong positivity of the comments from international journalists and large multi-brands on our “gentle luxury” style lead us to reiterate our expectations with renewed conviction, for the whole year 2024, revenue growth of around 10% and a healthy and fair profit,” he added.
Stock B on the stock exchangerunello Cucinelli it was down by 20% in the late morning to 98,65 euros.
Growth worldwide. Asia +16%
The company continued to find increases double digit in all geographical areas e distribution channels, with a structural growth in demand for the highest luxury segment in the Americas, up 19,5% to 114,2 million euros, and in Europe (+13,9% to 108,8 million). In Italy the very significant increases in the first three months of the year (+26,8%) highlight the centrality of the domestic market.
Also 'Asian area in the first quarter of 2024 confirms its potential, with revenue in growth of 16% to 86,1 million euros. Significant improvements have been achieved in all major countries, including China, Japan, South Korea and the Middle East. “In the Chinese market we can note with great satisfaction the important development opportunities” underlines the company.
As regards the channels, sales rose 15% in the channel retail and 19% also in Wholesale. The first months of the new year have also confirmed the importance of the local customer in all the reference markets, with growing tourism that presents greater diversification by nationality compared to last year, in which American customers had been the main reference for sales to tourists in Europe.
