A record year ahead for Brunello Cucinelli
Brunello Cucinelli, the Italian philanthropic entrepreneur who is highly regarded for his ethical commitment, has come out of his usual reserve and is anticipating a record year for the brand.
By Eva Morletto01 septembre 2022
The Italian luxury brand Brunello Cucinelli has announced a turnover for the first half of the year up +32% compared to the same period last year, with total sales reaching 415.4 million euros and net profits more than doubling (+ 131.4% to 50.6 million euros). The Umbrian entrepreneur even anticipates a year of continuous growth in 2023, since the sales already recorded for the autumn/winter collection and those received for the spring/summer 2023 collection will allow the Italian brand to post a further growth of 10%; the overall sales figure will thus very probably exceed 900 million euros, bringing the brand closer to the very small group of one billion companies in the field of made-in-Italy luxury goods, which includes Prada, Armani and MaxMara.
According to its owner, 90% of the brand's success is based on exports, favoured by a dollar that has continued to strengthen recently, and on a network of boutiques around the world, as the brand has little online presence.
Several highlights marked the company's agenda in 2022, including the acquisition last March of 43% of the shares of the historic Cariaggi wool factory, thus enabling the brand to further strengthen its strategy of highlighting excellent craftsmanship and traditional know-how.
Brunello Cucinelli, also a visionary patron of the arts, has always built the image of his brand around a commitment to the environment, to pay equity, to the well-being of workers and to the fight against discrimination. In this regard, a few weeks ago, Brunello Cucinelli wrote an open letter addressed to the "wise men of humanity", and evoked a strong stand against war and underlined the global stakes, while inviting the institutions to take adequate measures.
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