Brunello Cucinelli exceeds expectations
Brunello Cucinelli reports a half-year growth of +31% (sales of €543.9 million), driven by the Asian market and significant investment in communications. The founder is optimistic about the future and focuses on a strategy geared towards quiet luxury.
By Eva Morletto04 septembre 2023
The Italian brand Brunello Cucinelli, famous for its exceptional cashmere, has published positive half-year results. Sales of €543.9 million were up by a substantial +31% compared to the same period last year, which closed at €415.36 million. The company ended the half-year with net profits of €66.7 million, up 31.9% on the €50 million recorded in the first half.
In a press release, the founder and entrepreneur at the head of this luxury house shared his optimism about the brand's prospects: "Given the excellent start to the sales campaign for the autumn-winter collections, we are looking forward to a pleasing end to the year, with sales growth of around +19%." Cucinelli added: "This makes us very confident in achieving our growth outlook of around +10% for next year."
Cucinelli's strategy is part of a clear ambition: to establish itself as an icon of quiet luxury, which is very popular today. The spring/summer 2024 collection for women and men illustrates this trend, with sober models of timeless elegance, the brand's signature.
The Asian market, essential to the brand, is a major growth driver, contributing over a third of sales. Investments were also significant in the first half of 2023, especially in communications. Brunello Cucinelli has increased its advertising budget by 78% compared to 2022, with €34.9 million invested to strengthen the brand's image, an effort that will be spread over three years.
The brand's international prestige has also been enhanced by the "Neiman Marcus Fashion Award for Distinguished Service in the field of Fashion 2023", in recognition of its new approach to fashion, combining humanist capitalism and ethical commitment.
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