In the third quarter (Q3) FY24, turnover of €300 million (~$326 million) was achieved, with growth of 9.2 per cent, in comparison to the same period last year, Brunello Cucinelli said in a press release.
Brunello Cucinelli reported revenues of €920.2 million (~$999.29), for the first 9 months of 2024, a 12.4 per cent YoY increase.
Turnover in Q3 reached €300 million (~$326 million), with strong growth across Europe, the Americas, and Asia.
The company forecasts a 10 per cent growth for 2024 and aims to double its 2023 turnover by 2030, supported by investment in production and store expansions.
In terms of revenue from distribution channels during the 9M period, the company’s retail channel reported growth of 13.3 per cent with a revenue of €578.7 million (~$627.89) and a relative weighting of 62.9 per cent.
The wholesale channel saw a revenue increase of +11.0 per cent over last year with total revenue of €341.5 million, with a relative sales weighting of 37.1 per cent. This growth was driven by increased shipments of the Fall/Winter 2024 collections in the third quarter compared to last year.
By geographical location, revenues in the 9M period from Europe touched €340.3 million (~$369.5), an increase of 8.0 per cent YoY, and a relative weighting of 37.0 per cent. The European market saw solid and positive results, both in the main cities and in the exclusive resort locations.
In Americas, revenues touched €334.7 million (~$363.34), up +17.6 per cent compared to the first nine months of 2023, with a sales weighting of 36.4 per cent. North America has always been a central geographical area for the brand, with a very loyal clientele that confirms the desire to buy exclusive and ‘unique’ garments for their very high quality and impeccable craftsmanship.
Asia’s turnover reached €245.2 million (~$266.27), up 12.2 per cent compared to 9M period of FY23, accounting for 26.6 per cent of sales. Countries and regions like China, Japan, South Korea and the Middle East showed solid performance.
The retail channel saw an increase in sales in all geographical areas, due to a decisive contribution from local clients, as well as to tourism that remained solid throughout the period and even more diversified by nationality than in previous seasons, added the press release.
The company is forecasting a growth of approximately +10 per cent in 2024, with healthy and balanced profit due to the impressive results from the first nine months of the year, and the great sales of the Fall/Winter 2024 collections. The sales campaigns for the Spring-Summer 2025 Men’s and Women’s collections ended with excellent results. Due to the exclusivity of the presence in the market and the growth potential in all geographical areas and distribution channels mean the fashion house is looking at the coming months with realism and great confidence, adding further concreteness to its estimate of growth for 2025 and 2026 of around 10 per cent, continuing to imagine a doubling of turnover of 2023 by 2030.
The company’s forecast is accompanied by a significant investment plan, with openings for 2025 already contracted, and the expansion of the artisan production infrastructure that continues according to its plans, guaranteeing production capacity for the next decade by doubling the size of Solomeo factory and new facilities to produce outerwear in Italy.
Brunello Cucinelli, executive chairman and creative director of the Casa di Moda, commented: “The outstanding results from the first nine months of the year, the excellent sales of the Fall/Winter 2024 collections, and our ongoing commitment to garments of the highest craftsmanship allow us to confidently maintain our revenue growth forecast of approximately +10 per cent for 2024. We see significant opportunities in the exclusive, true luxury market for our brand as well, driven by the appreciation for the style, exclusivity, and craftsmanship embodied by our collections. With the substantial orders already placed for the Men’s and Women’s Spring-Summer 2025 sales campaign, we can reaffirm our plans for healthy, sustainable growth, projecting a revenue increase of around 10 per cent for both 2025 and 2026.”
Fibre2Fashion News Desk (SG)