The group BRUNELLO CUCINELLI closes on first quarter of 2026 with better than expected results of the market, confirming solid growth even in a macroeconomic and geopolitical scenario that is anything but simple. revenues stood at 369,1 million euros, up 8,1% at current exchange rates and 14% at constant exchange rates. The market reacted without hesitation: the stock runs at Piazza Affari with an increase of around 5,5%, up to 84 euros per share around 11:45 a.m., rewarding a start to the year that proved stronger than expected.
Brunello Cucinelli: Retail growth is strong, driving results.
Il channels retail It remains the group's main driver, with growth of 12,9% (+20,3% at constant exchange rates). This performance was supported by an expanding customer base, higher average spending per customer, and a sales mix increasingly oriented toward high-end and exclusive products, a factor that continues to strengthen the brand's positioning in the luxury segment.
The contribution of the Wholesale, which grew by 0,3%, in line with an increasingly selective distribution strategy aimed at limiting the risk of excess inventory and discounts on indirect channels.
Americas and Asia lead international development
The group's growth is spread globally, but with different dynamics between the various areas. The Americas represent the main driver with an increase of 9,4%, followed byAsia up 11,3%, confirming solid expansion in non-European markets.
The Europe recorded a more moderate growth of 4,2%, in line with a more stable demand context compared to other regions. Middle East It accounts for approximately 5% of total revenues and maintains a positive contribution to the quarter, despite some fluctuations related to the geopolitical context. Overall, geographical diversification continues to be a key component of the business model.
Cucinelli confirms 2026 and 2027 estimates
Despite the uncertainties of the global context, the group confirms its growth forecasts for the next few years, with an increase expected to be 10% in both 2026 and 2027. The company highlights how the commercial dynamics observed at the beginning of April are consistent with those of March, with no significant variations compared to the trend of the first quarter.
Management emphasizes the strengthening of the brand's "high-end" image, which continues to position itself in the most exclusive luxury segment. According to Cucinelli, the house's identity remains "very solid" and it is in a particularly favorable phase of its history.
Cucinelli: Stock price rises after earnings, analysts are positive but cautious
At the opening of the session, Brunello Cucinelli's shares failed to gain a price due to high demand, before entering trading with a rise of more than 5% in a flat market context (Ftse Mib +0,10%). shares reached 84,90 euros, at its highest since February 25, thus reducing the loss since the beginning of 2026 to 13,48%, while on an annual basis the stock remains down 11,27%.
On the front of analyst, the results for the first quarter of 2026 were welcomed positively, albeit with some revisions to the target prices following the recent weakness in the luxury sector. Jefferies e Oddo Station they both lowered their target price to 88 euros, maintaining a cautious approach but acknowledging a solid start to the year and revenues above expectations (369,1 million versus 361,1 of the consensus). Understanding St. Paul remains positive with a buy recommendation, although reducing the target to 110 euros, while Equity confirms the buy and a target of 118 euros, highlighting the group's growth and the brand's strong positioning on international markets.
