BRUNELLO CUCINELLI closes on third quarter 2024 with a growth of 9,2%, bringing the revenues quarterly to 300 million euro. Despite the general difficulties in the luxury sector, accentuated by recent fears related to the performance of lvmh e Salvatore Ferragamo, which disappointed analysts' expectations and caused a storm of sales on fashion & luxury stocks across Europe, the Umbrian brand stands out with results that exceeded expectations. In the first nine months of the year, Cucinelli's overall revenues grew by 12,4% at current exchange rates and by 12,7% at constant exchange rates, reaching 920 million euros, compared to 818,4 million in the same period of the previous year. "A very nice growth", commented the eponymous entrepreneur Brunello Cucinelli, "which takes on an even greater value considering the stupendous growth that we had already reported in the same period last year".
These positive results have pushed the shares of the Umbrian maison to Piazza Affari: the title Cucinelli up 3,5%, flanked by Moncler's +3,47%. Meanwhile, EssilorLuxottica recorded the opposite trend, slipping 0,68% after the quarterly.
Cucinelli: Sales up in the Americas and Europe, 2024 guidance confirmed
Le sales were driven mainly by Western markets, with the Americas growing by 17,6% and theEurope of 8%. Also theAsia showed a good performance, with an increase of 12,2%. The two main sales channels, retail (+13,3%) and wholesale (+11%), contributed to the growth with double-digit increases.
The company highlights how the exclusive luxury segment is holding up, thanks to customer appreciation for the Fall-Winter 2024 collections currently in stores. Based on sales up to October, Brunello Cucinelli confirmed the forecast of 10% growth for the whole of 2024, with profits in line with a moderate increase.
Looking ahead, Cucinelli shows confidence for the future, thanks to the good orders for the spring-summer 2025 campaign, allowing to maintain the objective of sustainable growth 10% also for 2025 and 2026. “We see great opportunities in the sector of true exclusive luxury also for our brand,” added Cucinelli, underlining the importance of appreciation for the style, exclusivity and craftsmanship of the collections.
