Brunello Cucinelli revenues surge to €1.27bn

Brunello Cucinelli has reported a 12.1% rise in FY revenues to €1.27bn (£1.07bn), thanks to “very positive sales” throughout the year. In Q4 itself, the group achieved a turnover of €358m (£301.45m), up 11.6%. Geographically, the Americas saw a 17.8% rise in revenues to €476.5m (£400.8m), an increase of, accounting for 37.3% of overall turnover. Meanwhile, its Asia revenues were up 12.6% to €345.4m (£290.8m), accounting for 27.0% of overall turnover. The group stated that it recorded solid growth throughout the reference perimeter from China to Japan and from South Korea to the Middle East. In China, increases in turnover were reported for all quarters of the year. The group’s Europe turnover also increased 6.6% to €456.5m (£384.4m), accounting for 35.7% of sales. Brunello Cucinelli attributed this growth to the loyal local customers and the constant presence of tourism increasingly diversified by origin. Additionally, the brand’s retail channel saw a 14% increase in revenues to €851.2m (£716.7m), accounting for 66.6% of sales. Its retail channel also reported double-digit growth in all quarters of the year and an increase of +15.4% in the fourth quarter, thanks to the growth in sales on a comparable basis and the positive contribution of selected openings. It confirmed its network stands at 130 boutiques as of 31 December 2024 (126 network boutiques as of 30 June 2024). The number of hard shops as of 31 December is 50, with one new space counted over the 12 months of 2024. Around double-digit growth was recorded in the digital channel too, benefiting from the growing attention, and increase in traffic, following the launch of the new Brunello Cucinelli AI website in mid-July, after three years of study and work. Similarly, the company’s wholesale channel revenues were up 8.8% to €427.2m (£359.7m), accounting for 33.4% of sales. Looking ahead, the group stated that it is “very confident” and positive about its growth plan for the coming years. It added that the “great opportunities”that are now arising for the brand, combined with the “exclusive positioning” and “promising prospects” in all geographical areas and distribution channels, mean it can look to the future with “great awareness and confidence, supporting our goal of 10% growth for the years 2025 and 2026, with the intention of doubling 2024 turnover by 2030”. Brunello Cucinelli, executive chairman and creative director of the Casa di Moda, said: “We are very pleased and delighted with the close of the year 2024 for our Casa di Moda, as we achieved excellent revenue growth of 12.2% at current exchange rates (+12.4% at constant exchange rates) compared to 2023. Given the high quality of sales, we anticipate very strong profits. “It has been a particularly meaningful year for consolidating our style and identity, firmly anchored in the concept of absolute luxury characterised by exclusivity, quality, and craftsmanship. On a global scale, we have received recognition that honours us and strengthens the vision of work conducted with respect for the moral and economic dignity of human beings, especially in relation to the dignity of labour.” He added: “We sense the desire and will of every human being to return to a greater balance in life, rediscovering the "living within measure" so dearly cherished by our Greek masters. During this time, which we call tempus novum, we have launched within the company our "project for the soul", which simply consists of living and working whilst listening to and supporting one another, especially when that unwelcome guest of ours – which we might call the "malady of the soul" – becomes more pressing and burdensome. At such times, perhaps talking and actively listening can help to heal the soul. “These premises, considerations and reflections, lead us to envision, for both 2025 and 2026, a gracious, healthy, and sustainable revenue growth of around 10%, accompanied by balanced profits.”