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Brunello Cucinelli revenue soars 31 percent in 2021, beating expectations

By Don-Alvin Adegeest

11 Jan 2022

Business

Image: Brunello Cucinelli

Italian luxury house Brunello Cucinelli saw sales soar 31 percent in 2021, above market expectations, after it suffered a 10 percent decline in 2020. Sales grew to 712 million euros, compared to 544 million euros in 2020.

“We have achieved some important results worldwide, both in terms of economics and image, so that we can define this time just passed: the year of rebalancing,” said Cucinelli, executive chairman and creative director in a statement. “The spring 2022 collections and the fall 2022 pre-collections received great appreciation from both buyers and international press, and based on these results, we imagine a fine, gracious and balanced growth of around 10 percent for the current year. All this will allow us to work with healthy focus and dedication, envisaging a bright future for our Casa di Moda, for the territory and the next generations.”

“We believe these results are brilliant, both for the absolute value of the performance and for the way in which we have achieved them,” Cucinelli said. “In the pursuit of balanced, healthy and quiet growth, we believe that our approach to China, in full respect of its Millennial culture, can give us beautiful and sustainable growth in the coming years.”

Cucinelli said the company is “progressively returning to the profitability levels prior to the start of the pandemic, which have always been based on the values that inspire us: the right growth, the right profit, the right balance between profit and gift. Thus we have concrete expectations that we will be able to end the first five-year 2019-2023 period of our 2019-2028 10-year plan very favorably, and slightly higher than the expectations we had before the pandemic began.”

Sales by region

Figure from Yahoo Finance show European sales grew 26.5 percent to 219 million euros, with sales in its home country Italy accounting for 11.8 percent of the total. Sales in Asia grew 32.9 percent to 170.6 million euros, representing 24 percent of the total. Sales were up 26 percent compared with 2019. The US and Americas saw sales increase 36.7 percent to 238.2 million euros compared with 2020, representing 33.4 percent of the total.

Bruno Cucinelli currently operates 114 boutiques, compared to 107 in 2020.