Brunello Cucinelli closed 2013 with net revenues of 322,5 million euros, up 15,4% on an annual basis, and expects double-digit growth in both revenues and profits for 2014 as well. The news sends the cashmere company's share soaring, gaining more than three and a half points in Piazza Affari at the opening.
“International markets, with significant growth (+21,4%), drive development, driven by sales in the USA (+23,2%) and Europe (+20%), combined with the increase in Greater China ( +52,5%), Rest of the World (+5,7%) – explains the company note – and the marginal drop in sales on the Italian market (-2,9%)”.
Net financial debt is expected to amount to 16 million (one million at the end of 2012) and is affected by the investments for the expansion of the Solomeo factory and in the boutique network (about 38 million).
“The double-digit growth in turnover is very interesting – commented the founder Brunello Cucinelli – given the quality of sales, we can imagine an equally important growth in profits. The orders for the spring/summer season and the great appreciation of the autumn-winter men's collection lead us to expect polite double-digit growth in both turnover and profits for 2014 as well”.
In Italy, the company recorded a 2013 turnover of 66,7 million, down from 68,7 in the previous year. Sales to foreign tourists drove performance in the retail mono-brand and wholesale mono-brand networks, with positive results in the multi-brand wholesale channel of leading Italian cities and exclusive locations.
