Brunello Cucinelli confirms FY24 forecast on strong Q1

First quarter sales at Brunello Cucinelli were up by 16.5 percent at current exchange rates and 17.9 percent at constant exchange rates to 309.1 million euros.

The company said that the first quarter performance is in line with expectations and consistent with the 10 percent growth expected for the full year.

Commenting on the results, Brunello Cucinelli, executive chairman and creative director of the company said: “The first quarter of this year closed with excellent sales results that perfectly reflect the favour that our collections and lifestyle are garnering all over the world.”

Cucinelli posts growth across regions

The company’s revenue in Europe of 108.8 million euros, increased 13.9 percent. In Italy, sales increased 26.8 percent. Revenues in the Americas of 114.2 million euros, were up 19.5 percent, while Asia revenues of 86.1 million euros, increased 16 percent with significant growth achieved in all major Asian areas, including China, Japan, South Korea and the Middle East.

Retail channel revenues of 188.6 million euros, were up 15 percent. At the end of the quarter, the company operated 125 boutiques. Wholesale revenues of 120.5 million euros, were up 19 percent.

Cucinelli confirms 10 percent growth for FY24

The company added that following the excellent sales performance in the first months of 2024 reinforces the forecast of around 10 percent growth for the full year with healthy, balanced profits. As regards 2025, the company forecasts an increase in turnover in the region of 10 percent.

“The abundant accumulation of orders for the autumn-winter 2024 collections – both men's and women’s – and the strongly positive nature of the comments from international journalists and major multibrands with regard to our 'gentle luxury' style, lead us to reiterate our expectations for the 2024 full year with renewed conviction: one of revenue growth in the region of 10 percent and a healthy and fair profit,” Cucinelli added.