The goal is to get listed on the Star segment of the Italian Stock Exchange in the spring of next year, "a quiet period for the company, after the sales campaign for autumn/winter 2012 has ended", explains Brunello Cucinelli, president and managing director of the homonymous company. Which could be the third in a few months, after Prada and Ferragamo, to choose the way of the price list. Rooted in the village of Solomeo, in Umbria, Brunello Cucinelli is about to close this year's financial statements with an expected turnover of 245 million, up 20,65% compared to 203,06 million in 2010. The data provided point these days also reveal an increase in pre-tax profit of 65,11% to 30 million (there were 18,17 the previous year) and investments of 17,4 million against 7,25 million in 2010.
The company founded by Cucinelli in 1978 produces clothing for men and women with a single brand (Cucinelli, in fact) since the other two Gunex and Rivamonti have recently been absorbed into the first, and a particular specialization in cashmere processing (typical of Umbrian "district", as emerged in recent days in a meeting organized in Spoleto by the Umbria foreign exchange center). With 650 employees and another 2 people working in related industries around Perugia, the company has a balanced distribution on the various markets: 35% of revenues are made in Italy (it was just under 37% in 2009), 32,4. 35,5% in Europe (slightly down from 2009% in 25,3), 5% in North America (2% growth) and just over XNUMX% in Greater China. “We are interested in Asia – comments Cucinelli – and we have started to open shops there. I would like to tackle that market with a unique collection for the whole world, without distorting the product to adapt it to other markets. Basically I'm happy that we have grown so much in the Old Continent, where consumers are very demanding on the product, which must be contemporary and exclusive”.
The company's debt is limited (49 million euros), there are no family division problems, why did you decide to go public?
“For four reasons. The first is to open the company to the world, to attract managers who come here to work. Then I would like to find shareholders willing to be partners for a few decades and thus create that "polemos" Heraclitus spoke of, a constructive debate within the board of directors. Furthermore, in this phase it is necessary to have substantial financial resources to further support our growth”.
And the last reason?
“It's imagining that my company can still live in 20-30-40 years and not die with me, as happens in 90% of companies in Umbria. I have two daughters but I think that the company is not inherited, its value is inherited, perhaps not the ability to manage it. If, on the other hand, there are partners and good internal managers, the children can find the resources to continue living in the company itself”.
Have you also considered the hypothesis of an agreement with a private equity fund?
“No, I'd like to convince a plurality of investors. Unless you find someone willing to stay with me for at least 10-15 years".
What will be the share you plan to put on the market?
“Between 35 and 39% as also foreseen by the rules of the Star, which set the minimum at 35%”.
This year, the expected growth in turnover will be more than 20% after the +28,14% in 2010: where does this momentum come from in a year in which the crisis has not yet been cancelled?
“7% of our growth comes from opening new stores, the rest is natural growth. But let's not forget that 2011 will be a year of double-digit growth for all high-end companies”.
Despite, for example, the sharp increases in some raw materials such as cashmere?
"Yes, the price is important but the incidence of the raw material is not very high: in the case of cashmere it can reach up to 20% in other cases it is around 12-13%".
Do you consider the luxury sector a particularly profitable sector? What does luxury mean?
"All and nothing. Luxury can also be drinking a glass of fresh water. Creativity and then quality are what really counts”.
