Brunello Cucinelli flies to Piazza Affari in the wake of the 2019 accounts. Half an hour after the start of trading, the share rose by 5,8 to 33,64 euros after having reached a maximum of 33,94 euros. The board of directors of the Umbrian fashion house examined the preliminary financial statements for the 2019 financial year (the definitive one will be approved in March) closed with Net revenues equal to 607,8 million euro, up by 9,9% at current exchange rates and by 8,6% at constant exchange rates.
Going into detail as at 31 December 2019, the revenues deriving from theItaly rose by 1,9% to 89,9 million (14,8% of the total, while those deriving from European market they soared by 12,9% reaching 184,9 million euros. There was also a strong increase in revenues recorded in North America (+8,9% to 203,8 million) and in China (+14,7% to 63 million). The growth, the company points out in a note, involved all distribution channels: for the retail + 14,6% wholesale monobrandand +7,7%, and multi-brand wholesale + 4,1%.
Moving on to the other parameters, as at 31 December 2019 the financial position net, more than doubled, is negative by 30 million compared to 14,5, rising from 14,5 million as at 31 December 2018, while the investments they grew by 8 million, from 45 to 53 million euro, as envisaged in the three-year plan.
“We point out, among other investments, those destined for production, logistics and digital IT, in support of the development of IT infrastructures, the digital presence and the continuous renewal of production plants and logistics structures – reads the press release -. We believe that an important level of investment remains strategic to keep the company contemporary in the long term, aware that the relative percentage of sales has structurally increased over the years, by virtue of the ever-increasing importance that the brand image has assumed and of the resources necessary to keep the company modern”.
Brunello Cucinelli, chairman and CEO of the group commented “It has been an excellent year for our company both in terms of results and for the overall image of an Italian company, an expression so dear to us. After the nice increase in turnover and given the excellent quality of sales, we expect healthy, balanced and sustainable profits. Given the excellent sell-out of the past autumn-winter, the good collection of home orders for the spring-summer 20 collection, and the very favorable start of the autumn-winter 2020 collections, working with serene tranquility we expect a 2020 of good turnover growth , profits and image”.
